Our summary focuses on the tax measures which may affect you, your family and your business. If you have any questions please contact us for advice.
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Many of the spending announcements had already been leaked to the Press prior to Budget Day and arguably a lot of it was not new money. The Chancellor did however manage to keep a few surprises back for Budget Day.
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Download the Budget Summary (pdf)
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Main Budget tax proposals
- National living wage increased to £9.50 an hour
- No changes to Income tax rates and personal allowance frozen
- Some National Insurance thresholds are changing
- ‘Temporary’ £1 million annual investment allowance extended
- Business rates to be made ‘fairer’ and 50% discount for the retail and hospitality sector
- Changes to R&D tax relief
- New residential developer tax
- More time to report and pay CGT on residential property disposal
- Group relief for European Company losses to end
- Cultural tax reliefs doubled
- Pension tax relief unchanged
- individual savings account limits frozen again
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