Live 2016 Budget blog

Live 2016 Budget blog

Live updates on the items that will affect small businesses. Keep refreshing the page.

Also available on our Facebook page and our twitter feed.

 

  • We choose to put the next generation first
  • Chancellor confirms his view that Brexit will create uncertainty on the OBR growth forecasts
  • Lowest proportion of people claiming benefits since 1970
  • Loan to participators to be taxed at 32.5%
  • Personal service companies and loans to directors will be hit hard – Tax avoidance crackdown to include personal service companies
  • Interest rate relief on borrowing – will this affect buy to lets?
  • Loss relief are to be reviewed and restricted to 50%. Reform of offsetting losses for tax purposes to be ‘reformed’. More flexibility, but limits to 50% – banks will be limited to 25%
  • VAT reforms for overseas suppliers to online retailers
  • Small business rate relief increased permanently
  • SDLT reformed From midnight tonight for commercial property too slice not slab. Details later. 9% pay more, raises £500mn
  • #Budget2016 will fund a dramatic improvement in HMRC service
  • Chancellor: From 2018 we are going to halve the price of the tolls on the Severn Crossings
  • Budget2016 Tobacco duty keeps rising; beer and cider duty frozen, along with whisky – other sin taxes to rise with inflation as planned
  • CGT headline rate cut to 20% from 28%, in three weeks’ time. Lower rate CGT cut to 10%
  • From April next year I am going to increase the ISA limit from just over £15,000 to £20,000 a year for everyone
  • Chancellor:…put in £4,000 and the government will give you £1,000. Every year. Until you’re 50 #LifetimeISA #Budget2016
  • Pension reforms replaced by increased ISA limits and a ‘Lifetime ISA’s for <40’s with £1000 from Gov for every £4000 you put in
  • Extra increase in personal allowance great for the low paid and further along the path to £12,500 by the next general election
  • “A Budget that gets the investors investing, the savers saving, and businesses doing business”

 

 

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