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TAX RELIEF ON SMALL DONATIONS TO CHARITY INCREASED TO £8,000

Blog, Budget 2015, Tax

The Gift Aid Small Donations Scheme (GASDS) allows charities to treat small donations such as those in collecting boxes as if Gift Aided. With effect from 6 April 2016 the maximum annual donation amount which can be claimed through GASDS will be increased from £5,000 to £8,000 allowing charities and Community Amateur Sports Clubs to […]

INTEREST RELIEF RESTRICTED FOR MULTI- NATIONAL COMPANIES

Blog, Budget 2015, Tax

From 1 April 2017, to restrict profit shifting by multi-nationals, the UK will be introducing a Fixed Ratio Rule limiting corporation tax deductions for net interest expense to 30% of a group’s UK earnings before interest, tax, depreciation and amortisation (EBITDA). This is in line with the rules that exist in several other countries and […]

FURTHER CHANGES TO CGT ENTREPRENEURS’ RELIEF

Blog, Budget 2015, Tax

Entrepreneurs’ relief (ER) will be extended to external investors in unlisted trading companies. This new investors’ relief will apply a 10% rate of CGT to gains accruing on the disposal of ordinary shares held by individuals. These shares must be subscribed for by the claimant and acquired for new consideration on or after 17 March […]

CAPITAL TAX RATES

Blog, Budget 2015, Tax

An unexpected announcement was a reduction in the rate of capital gain tax from 6 April 2016 down from 18% to 10% for basic rate taxpayers and 28% down to 20% for higher rate taxpayers. The 18% and 28% rates remain for disposals of residential property. There has been no change in the inheritance tax […]

NEW DIVIDEND RULES START 6 APRIL 2016

Blog, Budget 2015, Tax

It was announced in the Summer 2015 Budget that there would be a £5,000 tax free dividend allowance from 6 April 2016 and that once used the rate of tax on dividend income would increase by 7.5%. This means that basic rate taxpayers will pay 7.5% tax on dividend income, higher rate taxpayers 32.5% and […]

INCOME TAX BANDS

Blog, Budget 2015, Tax

The 20% basic rate band for 2016/17 will be £32,000 and for 2017/18 it was announced that this will be £33,500. This means that you will pay 40% tax if your taxable income exceeds £43,000 for 2016/17 and the threshold will be £45,000 for 2017/18. The 45% top rate continues to apply to taxable income […]

PERSONAL ALLOWANCES

Blog, Budget 2015

As already announced, the basic personal allowance for 2016/17 will be £11,000. The March Budget announced that this will increase to £11,500 for 2017/18. Remember that if your adjusted net income exceeds £100,000 the personal allowance is reduced by £1 for every £2 over £100,000 giving an effective rate of 60% on income between £100,000 […]

THE KEY POINTS FROM BUDGET 2016

Blog, Budget 2015

One of the  main themes of the Chancellor’s March 2016 Budget was to ensure that the next generation inherits a strong economy, is better educated, and  grow up fit and healthy. His proposed “sugar tax” on the soft drinks industry will be used to fund longer school days for those that want to offer their […]

DRAFT FINANCE BILL 2016 CLAUSES ISSUED FOR CONSULTATION

Blog, Budget 2015

Draft clauses for inclusion in Finance Bill 2016 were issued for consultation on 9 December 2015. The proposed legislation, if enacted, will introduce a number of measures consulted on during summer 2015 and announced on the Autumn Statement.

NO CHANGE IN ISA LIMITS FOR 2016/17

Blog, Budget 2015, Investments

The annual limit for savings in an ISA has been frozen at £15,240 for 2016/17. The Junior ISAs limit has been frozen at £4,080