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HMRC INVESTIGATION

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Budget 16 March 2016

 BRIEF HIGHLIGHTS OF TAX CHANGES:

> Class 2 NI abolished w.e.f. 6/4/18;

> ISA saving limit increased to £20K p.a w.e.f. 6/4/17;  New Lifetime ISA w.e.f. 5/4/17 for <40 year olds - Max £4K p.a.  And Government contributes £1K p.a. With terms to promote house / pension savings;

> 2017/18 £11,500 income tax personal allowance;

> Increase in 40% tax threshold for 17/18 to £45K;

> Entrepreneurs relief extended to certain unlisted company investments made after 16/3/16;

> Small business rate relief extended from £6K to £15K w.e.f. April 2017 and made permanent;

> VAT registration threshold  £83K w.e.f. 1/4/16 (deregistration £81K);

> ‘ACT’ on loans to participators rate increased from 25% to 32.5% w.e.f. 6/4/16;

> Lower corporation tax rate to be 17% by April 2020;

> Company losses incurred after 1/4/17 to be allowed against other income streams;

> Offset of company losses carried forward to be restricted to 50% of profits;

> C.G.T. Rates to be 20% and 10% w.e.f. 1/4/16, but additional 8% levy on gains from residential property;

> Insurance premium tax up to 10% w.e.f. 1/10/16;

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