George Osborne presented a new Conservative Budget on Wednesday 16 March 2016. In his opening comments, Osborne stated he would focus on the long term, and “put the next generation first” to help make the UK “fit for the future”.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was announced we have included our own comments.
For a run down of the latest tax rates for 2016/17, download our handy tax card.
If you have any questions please do not hesitate to contact us for advice.
Main Budget tax proposals
- Reductions in the rates of Capital Gains Tax
- Introduction of a Lifetime ISA for under 40s
- Changes to Entrepreneurs’ Relief
- Abolition of Class 2 NIC
- Reduction in the corporation tax
- Reforms to corporate tax losses