Summer Budget 2015 – economic overview

Economic overview The UK economic recovery continues at the fastest rate in the G20 countries. Aided by the Office for Budget Responsibility, revised forecasts show the following: UK grew by 3% in 2014; growth expected at 2.4% until 2019/20 Unemployment to fall to 5.4% in 2015, down from 6.2% in 2014 Public sector net borrowing to fall from the current … Read More

Summer Budget 2015 – corporate and property

Corporate A surprise change found in the detail and not in the budget speech was the change to rules on intangible assets. The current regime on intangible assets allows for a corporation tax deduction for goodwill assets such as business reputation and customer relationships as they are amortised through the accounts. With immediate effect to new purchases the annual deduction … Read More

Summer Budget 2015 – personal and employer taxes

Employment Taxes The UK has a higher incidence of low pay than other advanced economies: 1 in 5 UK workers is low-paid, compared to an average of only 1 in 6 among OECD countries. A new National Living Wage (NLW) of £7.20 for workers aged 25 and above will be introduced from April 2016, an increase of 70p to the … Read More

Summer Budget 2015 – what was missing?

With so much packed into today’s summer budget, it was more a case of ‘what wasn’t missing?’. Patent Box Regime – Charges are required to make it compatible with the new approach agreed by the Forum on Harmful Tax Practices but no details disclosed yet. National Insurance – Further announcements were expected to national insurance specifically Class 2 and Class … Read More