To think it has only been six months since the last Budget. The world has since started to get back to some sense of normality …
Back in March we had our eyes on Capital Gains Tax and Inheritance Tax as potential ‘targets’ for tax increases – and then nothing happened.
This time around there was further speculation – but, again, no changes have been unveiled.
Instead, it seems that the increases in corporation tax (announced in March) and the introduction of a new 1.25% levy on National Insurance and dividend tax rates from next April (unveiled last month) are to provide the main source of additional income for the Exchequer.
Whether this will be enough will remain to be seen, and indeed the opposition parties have been quick to attack the Chancellor for failing to ‘level up’ (although there was some support for the low paid).
For now, entrepreneurial business owners and others concerned about capital tax rises can sleep a little more soundly. They may even pop down to the pub for a reduced price pint …
Our regular ‘Top Ten’ summarises the main changes announced in the Budget that we think will be of interest to you.
Once again, we welcome the opportunity to discuss how today’s Budget affects the affairs of you and/or your clients.
Please click the link below to access our Budget summary
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