George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016.
Main Budget tax proposals:
- 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
A summary of this year’s Budget is now available here: Budget 2016 Summary
We have prepared this summary to outline the issues that are most likely to be of interest to you. We have included informative comments to help you assess the likely effect that the proposed changes may have on you personally and their significance.
Our summary includes a section on Tax Rates and Allowances 2016/17 at the back. For a more detailed guide please go to our Tax Rates 2016/17 tables here: Tax Rates 2016/17
If you have a question concerning any of the issues covered in this summary, or would like advice on the best possible course of action in a particular area, please contact us.