Treasury Updates

Corporation tax, which is charged at 20% from April 2015 is set to reduce to 19% in 2017 and 18% in 2020.

The Budget announcement included a number of measures which will be of interest to landlords of residential properties and individuals who let rooms in their own home (under the rent a room scheme).

Non-domiciled individuals have historically received favourable tax treatment in the UK.

The finer details of the Summer Budget 2015 will take some analysing - however, we feel the infographics below, produced by the HM Treasury, are a very useful as a simple visual starting point.

In today’s budget, legislation is promised from April 2016 which will allow people who are already receiving income from an annuity to assign that income to a third party in return for a lump sum.

The Chancellor announced a new personal savings allowance which will be introduced from 6/4/16.

There was some concern as the budget approached that the Chancellor might raise capital gains tax rates for individuals, or chip away at the Entrepreneur’s Relief (ER).

The announcement on BBC radio this morning that tax returns were being abolished caused some speculation in the office, and the Chancellor’s speech did little to clear up the mystery.

The Autumn Statement 2014 The Chancellor of the Exchequer George Osborne delivered his final budget before the next general election, and we all thought he would be playing it softly, softly in [...]

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