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Tax | Budget Insight 2016 report

Brought to you by the Wolters Kluwer in-house team of tax writers, the Budget Insight 2016 report provides free, expert commentary on the recent UK Budget proposals. Including useful links and tables, it is written to help you assess the impact of the Budget proposals on your own or your clients’ businesses and tax liabilities, so that you can confidently offer advice

18 Mar 2016

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Tax | Budget 2016: employer NICs on termination payments from 2018

The announcement in the Budget that the government intends to clarify and tighten the rules about the taxation of termination payments is set to bring in over £1bn over the course of this parliament, according to Treasury estimates.

17 Mar 2016

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Tax | Budget 2016: what you need to know about reduction in capital gains tax rates

Gill Tallon, partner and private client specialist at Mercer & Hole, examines the impact of the surprise reduction in capital gains tax (CGT) rates in Budget 2016, considering options for investors to review their tax liability, plus the impact on distributions from offshore trusts

17 Mar 2016

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Tax | Budget 2016: plans to target non-UK online VAT evasion

Online marketplaces such as Amazon and eBay could find themselves held liable for VAT fraud committed by non-compliant sellers in some circumstances, as a result of new measures outlined in the Budget designed to crack down on VAT evasion by overseas online sellers, which the Treasury estimates is costing between £1bn and £1.5bn a year in lost tax revenues

17 Mar 2016

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Tax | Budget 2016: VAT threshold raised to £83k

Around 2,000 small businesses will benefit from the uprating of the VAT registration and deregistration thresholds announced in the Budget, which have been increased in line with inflation

17 Mar 2016

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Tax | Budget 2016: changes to company car tax and boost for classic cars

There is good news for classic car owners in this year’s Budget, as the government is to introduce legislation to put the exemption from Vehicle Excise Duty (VED) for older cars on a permanent basis, so that from 1 April each year vehicles constructed more than 40 years before the 1 January of that year will automatically be exempt from paying the tax

17 Mar 2016

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Tax | Budget 2016: air passenger duty set to rise by inflation

Airline operators’ and travel agents’ hopes that the Chancellor would use his Budget to declare a cut in the rate of air passenger duty (APD) have been dashed, with the announcement that for the tax years 2016 to 2017 and 2017 to 2018 the levy will increase in line with the Retail Price Index (RPI), as previously announced

17 Mar 2016

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Tax | Budget 2016: £71m to improve HMRC service levels

Budget documents reveal the government is planning to invest £71m to improve the service provided by HMRC to individuals and businesses, in the wake of ongoing severe criticism of the department’s contact centre performance levels

17 Mar 2016

Making Tax Digital

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Tax | Budget 2016: R&D tax relief rules for SMEs tweaked to clarify state aid cap

Due to recent changes to the large company research and development (R&D) tax relief scheme, the government has been forced to issue revised rules for small to medium sized companies (SMEs) claiming R&D tax relief to ensure the scheme falls within EU state aid rules

16 Mar 2016

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Tax | Budget 2016: shake-up of entrepreneurs relief and £10m lifetime limit on gains

In a bid to encourage investment in start-ups and entrepreneurs, the government removed some barriers to the use of entrepreneurs’ relief making it easier for business owners to pass on companies and farms to family members, and created a long-term £10m lifetime limit for investors

16 Mar 2016

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Tax | Budget 2016: extending voluntary payrolling of benefits in kind

The Budget contained a measure to amend primary legislation to allow HMRC to make changes to the PAYE regulations to enable the voluntary payrolling of non-cash vouchers and credit tokens, in order to reduce employers’ reporting obligations and reduce errors

16 Mar 2016

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Tax | Budget 2016: CGT exemption limit on employee shareholders

There is to be a lifetime limit of £100,000 on the Capital Gains Tax (CGT) exempt gains that an individual can make on the disposal of shares acquired under employee shareholder agreements as part of moves to clamp down on tax evasion announced in the Budget

16 Mar 2016

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Tax | Budget 2016: sugar tax for fizzy drink manufacturers

Chancellor George Osborne has pulled a rabbit out of the hat by announcing a new ‘sugar tax’ in his eighth Budget today, saying that excessive sugar consumption was associated with growing health problems costing the economy an estimated £27bn a year but consumers will not be hit initially

16 Mar 2016

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Tax | Budget 2016: Class 2 NICs abolished for self-employed

As trailed and extensively consulted on after the Autumn Statement last November, the Chancellor confirmed plans to cut national insurance contributions (NICs) for 3.4m self-employed people, by abolishing Class 2 National Insurance from April 2018

16 Mar 2016

Tax | Budget 2016: insurance premium tax up 0.5%

Despite speculation that the tax on insurance premiums could be a target in his latest Budget, Chancellor George Osborne has announced that the hike will be lower than anticipated, at 0.5%

16 Mar 2016

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Tax | Budget 2016: Lifetime ISA to encourage under 40s to save

In his Budget, the Chancellor has announced an increase in the existing ISA limit to £20,000 and the launch of a new product, the flexible Lifetime ISA, which will allow those aged under 40 to save up to £4,000 each year and receive an additional 25% bonus from government, although there are criticisms that it adds to saving complexity

16 Mar 2016

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