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HMRC INVESTIGATION

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Budget 8 July 2015

BRIEF HIGHLIGHTS OF TAX CHANGES:

> Corporation tax rate for 17/18 & 18/19 to be 19% then to be 18% w.e.f. 1/4/2020;

> Dividend tax credits to be replaced by £5,000 allowance and structured dividend taxing system to be introduced;

> Annual investment allowance to be £200,000 w.e.f 1/1/2016 permanently;

> Changes to Benefits System;

> Rent a Room Relief to be £7,500 w.e.f. 6/4/2016;

> Wear and Tear rental income allowance replaced by deduction of furnishings cost from 6/4/2016;

> Inheritance tax Family Home Allowance of £100,000 w.e.f. 6/4/2017 and staged increases to £175,000 by 6/4/2021 when passing home to direct descendants; Unused bands transferable to spouse and down-sizing relief;

> Tax relief on mortgage interest for Buy to Let mortgages restricted to basic rate of tax phased in over four years w.e.f. 6/4/2017;

> Employers National Insurance rebate to be £3,000 w.e.f. 6/4/16; Restriction where the director is sole employee;

> Personal income tax allowance £11,000 for 16/17 and future rises in line with Minimum Wage;

> Higher rate income tax threshold up to £43,000 for 16/17;

> Insurance premium tax up to 9.5% from November 2015

> National Living Wage for over 25s of £7.20 p.h. from 6/4/2016 and increasing to £9 p.h. by 6/4/2020;


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