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tax advice

A summary of some of the changes announced by the Chancellor of the Exchequer in the 2016 Budget, published on 16 March 2016.

Income Tax

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Proposed changes within the Finance Bill 2016 will see the Inheritance Tax rules for non-domiciled individuals aligned with the Long Term Residence Rule announced in the Summer Budget 2015.

As announced in the Summer Budget 2015, from 6 April 2016 the rules to how dividends are taxed will be changed for individuals, trusts, and estates.

In light of fierce criticism by professional bodies, HM Revenue & Customs has postponed its plans to extend the Disclosure of Tax Avoidance Schemes (DOTAS) regulations to inheritance tax (IHT).

From 1 April 2016, it is proposed that an additional 3% Stamp Duty Land Tax (SDLT) charge will be introduced on properties purchased as a buy-to-let or as a second home.

Under the Government’s plans to create ‘a modern and fairer tax system’, most businesses, self-employed people, and landlords will be required to update their tax affairs at least quarterly via dig

The Autumn Statement ’15 was accompanied this year by the Spending Review, which took primary focus.

Major events and tax deadlines are fast approaching in the lead up to the holiday season.

 

25 November 2015

Since 6 April 2014, employers have been able to utilise the employment allowance to reduce the amount of National Insurance Contributions (NICs) that they pay on employees wages by up to £2,000.

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The latest case heard before the First Tier Tribunal highlights the important tax consequences for payments resulting from the termination of employment.

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