Watling & Hirst Ltd

July Budget 2015

George Osborne unveiled his first "Conservative" budget on 8th July 2015.

 

Follow this link for our report:                                        

 

The major points include:

 

-Personal allowance increase to £11,000 in 2016-2017

 

- Higher rate (40%) threshold increase to £43,000 in 2016-2017

 

-Tax free band of £5,000 for Dividend income but the 10% credit is scrapped and tax rates of 7.5%, 32.5% and 38.1% will apply from April 2016

 

- Employers Allowance (i.e. NI free cost of hiring staff) increased to £3,000

 

- Corporation tax cut to 19% in 2017 and 18% from 2020

 

-Annual Investment Allowance to be "increased" to a "permanent" £200,000. Which is a cut from the current "temporary" £500,000

 

-Insurance Premium Tax to increase to 9.5%

 

-Interest restriction for buy to let Landlords by 2020. Wear and tear allowance abolished from April 2016

 

-30 hours of free childcare for 3 to 4 year olds from September 2017

 

-Inheritance tax family home allowance to be phased in from April 2017 giving £1m tax free allowance to married couples from 2020

July budget