The Chancellor George Osborne has delivered his additional Summer Budget 2015 and here is a brief summary of the main points. The speech set out his plans for the next five years ‘to keep moving us from a low wage, high tax, high welfare economy to the higher wage, lower welfare country we intend to create’.
As ever the devil is always in the detail and more information will come to light over the coming days as further analysis is done.
If you feel like a cozy read, please follow this link to get the full 123 pages but even this won’t tell the full story…
- New taxation system for dividend receipts for individuals
- Proposals to restrict interest relief for ‘buy-to-let’ landlords
- Extension to the inheritance tax nil rate band available
- Annual Investment Allowance available to businesses from January 2016
- Removal of tax relief on acquisition of goodwill and customer related intangibles
- An increase in the amount of the NIC Employment Allowance
- Changes to Tax Credits and Universal Credit as part of welfare reforms aimed to reduce the overall spend on benefits
The Summer Budget 2015 may be subject to amendment in a Finance Act and is still to be debated in Parliament so do not make any decisions based on this early summary without speaking to us first.