Spring 2016 Budget

The Chancellor delivered his “Budget for the next generation” and Bessler Hendrie Chartered Accountants created a Budget Briefing which may be of interest to you.

Some key matters include: 

  • A reduction in the capital gains tax rates to 10%/20% except for residential properties that that do not qualify for private residence relief.
  • An extension of Entrepreneurs’ Relief to investors who subscribe for new shares.
  • The abolition of Class 2 National Insurance Contributions.
  • A relaxation of the way that small and medium companies can claim relief for tax losses when carried forward.
  • The SDLT additional rate of 3% for additional residential properties.  This will also apply for significant investors.
  • The removal of the slab system for SDLT on non-residential property.
  • The introduction of a lifetime ISA for the under 40’s.

Fortunately the Chancellor did not restrict tax relief on pension contributions as feared.

You can download the complete Budget Summary document by clicking here

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