Key points are
l. Dividend tax credit will be abolished from April 2016 and there will be a new dividend
tax allowance of £5,000 a year. Above that level the tax rates on dividends will rise by
7.5%.
2. For private landlords the wear and tear allowance will be replaced by a new relief
allowing the actual costs of replacing furnishings from April 2016; and individual
landlords’ tax relief for finance costs will be restricted to basic rate tax – to be phased
in over four years from April 2017.
3. The national insurance contribution (NIC) employment allowance of £2,000 will rise to
£3,000 from April 2016.
4. Non-UK domiciled individuals who have been UK resident for at least 15 of the last
20 years will be treated as UK domiciled for tax, including inheritance tax (IHT), from
April 2017.
5. There will be an extra transferable IHT nil-rate band for main residences passed on
death to direct descendants, starting at £100,000 in 2017/18 and rising to £175,000 in
2020/21.
6. The corporation tax rate will be reduced from 20% to 19% in the financial year 2017,
and 18% in 2020.
7. The annual investment allowance available to businesses will be reduced to £200,000
from 1 January 2016.
No comments:
Post a Comment