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2016 Budget Highlights: What does it really mean for you? Not just fags, booze and sweets

It’s that time of year when the chancellor drags out his briefcase and baffles the nation with savings, rises, cuts and increases. Never fear Simply Office Solutions are here to demystify the budget and provide the bite size highlights.

ISAs

  • Lifetime ISA: This new ISA will be available from April 2017 for under 40s, with a maximum contribution and 25% bonus (essentially a secondary pension system).

  • Standard ISA: The limit will rise to £20,000 in April 2017 (a reminder that you have £15,240 to invest up until 5th April 2016, and then the same for 2016/17)

Taxes

  • Capital Gains Tax: From 6th April 2016, there will be a cut in the main rates from 18% to 10% for lower rate tax payers, and from 28% to 20% for higher/additional rate taxpayers. Do note though that the current rates remain for residential property and carried interests.

  • Personal Allowance: The lower rate threshold will rise from £11,000 in 2016/17 to £11,500 in 2017/18 and the higher rate threshold from £43,000 in 2016/17 to £45,000 in 2017/18.

  • Corporation Tax: A cut to 17% in 2020

  • New Tax-Free Allowances: Two new £1,000 tax-free allowances for property and trading income will be introduced in April 2017 and are aimed at “micro-entrepreneurs”

Business Rates

  • The chancellor has doubled the business rate relief meaning from April 2017 as many as 600,000 small businesses will not pay business rates and a further 250,000 will pay lower rates

NI

  • From April 2018, the self-employed will no longer have to pay Class 2 NIC

  • Employers will pay National Insurance on pay-offs above £30,000 from April 2018

You can read more about the sugar tax, motoring, cigarettes and alcohol in this Telegraph article

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