Difficult one to call this year as Chancellor Osborne doesn’t have much to play with this time around. Here are some of the measures we think may be buried in the Chancellor’s red Budget box:
- Announcement and confirmation of the £10,000 personal allowance
- Confirmation over alignment of the small and standard corporation tax rates to 20%
- Introduction of a ‘General Anti-Abuse Rule’ (GAAR) with a blanket ban on perceived tax loopholes
- Reduction in the annual pension allowance to around £30,000 pa
- Increase in R&D tax allowance for businesses (currently SME max allowance 225% and large businesses 130%)
- Increase in NI for self-employed individuals up from current 9% (employee NI rate currently 12%, class 4)
We’ll be tweeting throughout the Budget and provide an overview of the main points a couple of hours after Chancellor has sat down.