George Osborne delivered his eighth Budget on 16th March. Pensions managed to remain unchanged for the first time in living memory with the headlines being grabbed by a cut in capital gains tax rates and elsewhere by a new tax on sugary drinks. The wider implications of some of the measures announced will become clearer over the coming weeks. In the meantime we summarise the main proposals that may affect you.
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ALM News Summer Budget 2015 |
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The standard personal allowance is increasing to £11,000 for 2016/17 and there is a further increase to £11,200 for 2017/18 (both £200 higher than previously announced). The 2016/17 increase will be accompanied by a rise in the basic rate band so that anyone with total income in excess of £43,000 will be a higher rate taxpayer. The 2017/18 increase is accompanied by a further rise in the basic rate band and anyone with total income in excess of £43,600 will be a higher rate taxpayer. The personal allowances will continue to be reduced by £1 for every £2 by which the taxpayer’s income exceeds £100,000. For those with income above £150,000 the additional rate of tax remains at 45%. Read the full article here (opens as PDF) |
The standard personal allowance is increasing to £10,000 for 2014/15, as previously announced. A further increase to £10,500 was announced for 2015/16.The 2014/15 increase will be accompanied by a reduction in the basic rate band so that anyone with total income in excess of £41,865 will be a higher rate taxpayer. The 2015/16 increase is accompanied by a smaller reduction in the basic rate band and anyone with total income in excess of £42,285 will be a higher rate taxpayer. Allowances will continue to be withdrawn for those whose total income exceeds £100,000.
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Aspects of the Budget that may be of particular interest to Names are analysed here by Ian Wadhams, a Chartered Tax Adviser and Managing Partner of Ingenhaag LLP, independent specialist tax advisers to Names and private clients.
Read the full article here... |
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Chancellor’s Autumn Statement - December 2012 |
Aspects of the Autumn Statement that may be of particular interest to Names are analysed here by Ian Wadhams, a Chartered Tax Adviser and Managing Partner of Ingenhaag LLP, independent specialist tax advisers to Names and private clients, who may be contacted by telephone on 020 7626 6355.
Read the full article here... |
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Loss Relief and the Proposed New Cap - August 2012 |
Ian Wadhams, Managing Partner of Ingenhaag LLP, specialist tax advisers to Names and private clients, here provides a brief update on the proposed new cap on offsetting losses (potentially including
Lloyd’s losses) against other income and a brief resumee on loss relief claims for the 2010 account.
Read the full article here... |
Aspects of the Budget that may be of particular interest to Names are analysed here by Ian Wadhams, a Chartered Tax Adviser and Managing Partner of Ingenhaag LLP, independent specialist tax advisers to Names and private clients, who may be contacted by telephone on 020 7626 6355.
Read the full article here |
Up to and including 1971, underwriting profits were assessed on the preceding year basis. This was changed to the current year basis for 1972 which resulted in double assessment – both the 1971 and
1972 accounts were assessed in 1972/73. Ian Wadhams explains how to claim relief for this.
Read the full article here |
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