Budget 2025 – an unprecedented Budget
The run up to the Budget was unprecedented in many ways – so many briefings (and counter briefings), a lot of kite-flying, u-turns on policies which had not themselves been formally announced and then the release of the Office for Budget Responsibility’s report before the Chancellor even stood up to start her speech. We always […]
Budget 2025 – target set on property, savings and dividend income
The income tax rate applicable to dividend income, property income and savings income will be increased to try and align the tax burden with earned income (being income derived from employment and self-employment). Essentially, this is because earned income is subject to national insurance contributions, whereas dividend income, property income and savings income is not. […]
Budget 2025 – pension relief is sacrificed
Salary sacrifice arrangements have been about for many years and, although they have been tightened up, the ability to sacrifice salary in exchange for your employer making a pension contribution on your behalf has previously been preserved. So, what’s the benefit – well, pension contributions benefit from income tax relief, but not national insurance contributions. […]
Budget 2025 – business tax round up
In addition to the changes to pension salary sacrifice and incorporation relief there were a number of the measures announced which will impact upon businesses: Capital allowances A new 40% first year allowance for expenditure incurred on or after 1 January 2026 will be available to cover expenditure where the annual investment allowance or full expensing […]
Spring Budget 2024 – the pre-Election gamble
At what was likely to be the last fiscal event before the General Election, we expected a few surprises to be dropped in to woo the voters, although most of these were let out of the bag over the weekend in what seemed to be the most briefed budget ever known. But with so many […]
Spring Budget 2024 – Non-dom no more
Given that the Chancellor has previously defended the rules around non-UK domiciled individuals (or ‘non-doms’) by raising concern over the mobility of such individuals and claiming that he “would rather wealthy foreigners spent their money in Britain”, the announcement today was somewhat out of character… although some may claim it as a pre-Election gimmick, preventing […]
Autumn Statement 2022 – no rabbits pulled out of hats but plenty of fiscal drag
After the debacle of eight weeks ago, the announcements by the Chancellor today were never going be so radical as to cause concern in the markets, but we all knew that there would be some element of revenue raising, we just didn’t know which taxes would rise and by how much. On a positive note, […]
Autumn Budget 2022 – a step back in time
What a month, what a week, what a day! An emergency statement by the Chancellor this morning, in order to prevent further speculation and help settle the markets in advance of the fiscal statement due on 31 October 2022, has taken us back in time to where we were less than a month ago in […]
Autumn Budget 2022 – the shortest-lived tax cut
They say a week is a long time in politics and indeed, that would seem very true. It was only ten days ago that we were taken aback by the major announcements contained in the mini budget – since then we have seen the pound fall and then rise again; the Bank of England step […]