Budget 2015 in Wilder Coe Detail

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VAT

Apart from the increase in registration threshold from £81,000 to £82,000 no major changes except for some anti-avoidance measures aimed at offshore branches. Back to Statement Summary

Inheritance Tax

A consultation document possibly sounds the end of tax effective deeds of variation.  Commonly used where families wish to alter the destination of assets in a will. Back to Statement Summary

Capital Gains Tax (CGT)

It has now been confirmed that Non-UK resident individuals, companies and trusts are to pay CGT on sales of UK residential properties from April 2015. Various rules regarding Entrepreneurs Relief have been tightened up. Back to Statement Summary

Savings and Pensions

Yet another raid on pension schemes with the lifetime limit being reduced from £1.25m to £1m from April 2016. This is the third reduction in recent years. ‘Help-to-buy ISA’ is a new savings plan to help first time buyers fund their deposit with a government bonus of 25% of the amount saved, up to a …

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Personal Taxation

The Personal Tax allowance is to be increased to £11,000 by April 2017 and £10,800 from April 2016. The basic rate band is to be increased to £32,000 by April 2017 and £31,900 from April 2016. Back to Statement Summary

Employment Taxes

National Insurance Contributions will be reduced to zero for under 21 year olds earning less than £42,380 per annum from April 2015. A similar arrangement will be in place for apprentices aged under 25 from April 2016. The Minimum Wage is to be increased to £6.70 as the main rate, and £3.30 for apprentices per …

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