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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Reinforced by a network of local professional organisations and expert advisors, Start Up Woking will help you to get the most out of your business ideas and current commercial activities.

Form more information visit http://www.wokingworks.com/startup 

 

 

 

 

 


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