Spring Budget 2016

George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016. In his speech the Chancellor reported on ‘an economy set to grow faster than any other major advanced economy in the world’. Towards the end of last year the government  issued the majority of the clauses, in draft, of Finance Bill 2016 together with updates on  consultations. Publication of draft Finance Bill clauses is now an established way in which tax policy is developed, communicated and legislated. The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply immediately, others in April 2016 and some take effect at a later date.

Main Budget tax proposals

Our summary concentrates on the tax measures which include:

  • reductions in the rates of capital gains tax 
  • introduction of a Lifetime ISA for under 40s
  • changes to Entrepreneurs’ Relief 
  • abolition of Class 2 NIC
  • reduction in the corporation tax rate
  • reforms to corporate tax losses.

For more information read our full summary here.

For any further advise on any the changes, call us to arrange a free initial discussion with senior partner, John Galley.

 

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