Budget 2015 - The Good, The Bad & The Ugly
The Chancellor George Osborne announced his second budget on Wednesday 8th July, just four months after his last under the coalition, but the first Conservative budget since 1996.
The second budget for 2015 had threatened to be the most interesting for a while, and in the end, it certainly did not disappoint!
A whole raft of major changes were announced, most of which will directly impact our clients and local businesses (in either a positive or negative way). From restrictions on pension contributions for high earners* to increases in dividend taxation as well as an attack on landlords; the changes were many and often wrapped in complexity.
The announced reduction in corporation tax rates and a much reduced reduction in the annual investment allowance were welcome, but make no mistake, if you thought you would be paying less tax following this budget, think again. The total tax take is set to increase from 35.7% GDP to 36.8% GDP in 2020/21.
All in all, with the changes that were pre-announced and the surprises revealed yesterday, this was an interesting budget. We will be analysing the small print and addressing the salient facts and figures over the coming days, to provide you with much needed clarity on what the tax implications are for you and your business.
Please also look at our Seminars and Events to see if one of our budget seminars is of interest to you.
* Regarding restrictions on pension contributions for high earners, there are some time restricted opportunities to consider.