Autus
Autus Newsletter | Spring budget 2016

We have pleasure in attaching our summary of the key announcements in Chancellor's 2016 Spring Budget statement. We hope you find it useful and interesting.

This was the third Budget within a year, but George Osborne still managed to produce a few surprise measures among the inevitable re-announcements. The most significant measures included:

  • The launch of a new Lifetime ISA from April 2017 for adults under the age of 40, with a maximum contribution of £4,000 a year and a 25% government bonus on savings.
  • A cut in the main rates of capital gains tax from 2016/17 to 20% for higher and additional rate taxpayers and 10% for other taxpayers, although the existing rates will continue to apply to gains on residential property and carried interests.
  • An increase in the income tax personal allowance for 2017/18 to £11,500 and the higher rate threshold to £45,000.
  • Two new £1,000 tax allowances for property income and trading income, starting in April 2017.
  • A restructuring of stamp duty land tax (SDLT) on commercial properties.
  • A major revamp of business rates, permanently doubling the Small Business Rate Relief.
  • The abolition of Class 2 National Insurance contributions from 6 April 2018.

If you have any questions about the summary's contents or how any aspects of your tax and financial planning may be affected by the Budget, please get in touch with us to discuss them.

CLICK HERE to view the full 2016 Spring budget report »

This newsletter is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. The newsletter represents our understanding of law and HM Revenue & Customs practice as at March 2016.

Past performance is not a reliable indicator of future performance. The value of investments and the income from them can go down as well as up and you may get back less than you invested.

The value of tax reliefs depends upon your individual circumstances.
Tax laws may change.

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Think carefully before securing other debts against your home.
 

Autus is a trading style of Autus Lifetime Planning Limited, which is registered in England & Wales number 8813223.
Registered Offices: The Grange, Wheldrake Lane, Elvington, York, North Yorkshire, YO41 4AZ.
Autus Lifetime Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm Reference Number 616276