From a taxation perspective an interesting budget from George Osborne today with the following snippets of note for our clients:

• NIC Employment Allowance increased from £2,000 to £3,000 from April 2016 but stops for companies where the director is the sole employee;

• Buy To Let - interest on borrowing being restricted to Basic Rate, reform of Wear & Tear Allowance;

• Rent a Room relief increased to £7,000 from April 2016;

• IHT – additional nil-rate band when a residence passed on death to direct descendants;

• Annual Investment Allowances increased;

• Pension changes to Lifetime Allowance and Annual Allowance amongst others;

• Corporation tax rates – being reduced from 20% to 19% in 2017 and 18% in 2020;

• Dividend Taxation – tax credit going from April 2016 with £5,000 Dividend Tax Allowance and tax at 7.5%, 32.5% and 38.1% on dividend income above the allowance.

The following link to HMRC’s website gives more information:

https://www.gov.uk/government/publications/summer-budget-2015-hm-revenue-and-customs-overview

Whilst we have no reason to believe the above is not accurate it is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.