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Budget


1.25% Increase In NICs And Tax On Dividends

Content accurate at the date of publishing. The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that there will be a 1.25% rise in National Insurance Contributions […]

Read more October 13th, 2021

Consultations Issued On “Tax Day” By Treasury

The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed. The Treasury […]

Read more April 13th, 2021

New Enhanced Loss Relief Rules May Result In Extra Tax Refunds

In the March Budget it was announced that the normal one year carryback for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period. This enhanced carryback applies to unincorporated […]

Read more April 13th, 2021

More Details On The New Super-Deduction For Equipment

In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the […]

Read more April 12th, 2021

Budget 2021 Company Tax Updates

Following on from the announcements in the Budget concerning the taxation of companies going forward, we have been looking at the practical impact of this and the options available. Tax Rate With effect from 1 April 2023, for trading companies with taxable profits of less than £50,000, the rate will remain at 19%. For those […]

Read more March 15th, 2021

Budget Summary Spring 2021

Chancellor Rishi Sunak presented his much-anticipated second Budget on Wednesday 3 March 2021. There were many rumours of changes that would be implemented, but much of the content concerned maintaining the current position for up to five years causing a fiscal drag to boost tax revenues.  In his speech, he stated his Budget ‘meets the […]

Read more March 4th, 2021

Budget Day On 3 March

There has been a lot of speculation on what will be in Rishi Sunak’s second Budget in early March and whether there is any tax planning that you should consider before then. The government will have to start paying down the massive £2 trillion of borrowings at some stage. Increasing tax rates would send the […]

Read more February 11th, 2021

Residential Rates On Purchases From 8 July 2020 To 31 March 2021

There is a temporary cut in Stamp Duty Land Tax (SDLT) from 8 July by raising the nil-rate band from £125,000 to £500,000 until 31 March 2021. The Treasury estimates that, as a consequence, around nine in 10 people buying a main residence will pay no SDLT. Further details can be found on SDLT changes […]

Read more July 13th, 2020

Summer Economic Update

On Wednesday 8th July, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the […]

Read more July 9th, 2020

Budget Summary Spring 2020

Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech, he stated that ‘We are at the beginning of a new era in this country. We have the freedom and resources to decide our own future’. He also said ‘It is a Budget of a Government that gets things done’. […]

Read more March 12th, 2020

Yet Another Chancellor – Big Changes In The Budget?

The last Budget was nearly 18 months ago and since then, we have had three different chancellors after the unexpected resignation of Sajid Javid. The early years of a new Parliament are usually a good time to make radical changes and many are predicting significant tax changes on March 11. Rather than increasing headline tax […]

Read more March 2nd, 2020

Will Inheritance Tax Be Simplified

An announcement to listen out for in the Spring 2020 Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in a previous article, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 […]

Read more February 10th, 2020

Budget Day Is 11 March

The December General Election meant that the Autumn Budget was delayed. We now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again, together with confirmation […]

Read more February 10th, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020

2019 Budget Delayed

It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now? The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take effect […]

Read more November 11th, 2019