March Budget 2016 Key Points
Earlier today the Chancellor of the Exchequer George Osborne set out his budget. The following were the key points mentioned, with more detailed analysis to follow when the details are received.
– Corporation Tax to fall from current 20% to 17% by 2020
– 40% Tax Threshold to raise to £45,000 from April 2017
– Personal Allowances to raise to £11,500 from April 2017
– Capital Gains Tax to be cut from 28% to 20% and 18% to 10% for basic rate tax payers.
– Class 2 NIC abolished
– A new sugar tax on the soft drinks industry from April 2018
– Tobacco duties to rise by 2%
– 0.5% rise in insurance premium tax
– For those under 40 years of age, a new lifetime ISA to be introduced where the government gives you £1,000 for every £4,000 you save. This is for pensions and mortgage deposits.
We will be posting a more detailed analysis with the real implications and benefits for businesses and individuals shortly, once full details of the budget are received. Check back soon!