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2016 UK budget

18th March 2016 By //  by Andrew Ross

Brief summary of changes:

Personal Tax

  • Personal allowances will be increased to £11,500 from 2017.
  • Higher basic rate tax threshold by £5,000 to £45,000 from 2017/18.
  • ISA limit to increase to £20,000 with flexible ISA’s for under 40’s. People can save £4,000pa and get a £1,000 bonus from Govt.
  • Help to save for those on lower incomes. A 50% Govt bonus for those who save up to £50/month.

Capital Gains Tax

  • The higher rate of CGT to be cut from 28% to 20% from April. Lower rate will be 10% reduced from 18%. ( except for residential properties)This is a major boost for those with capital gains.

Business Tax

  • Corporation tax to be cut to 17% from 2020.
  • Class 2 NIC for self employed  to be abolished.
  • Higher threshold for business rates to £15,000
  • Extended entrepreneurs relief for long term investors in unlisted companies.
  • Corporation tax rules for losses to be modernised.

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