WSM Budget Breakfast
Tim Good from the Professional Training Partnership presented an analysis of the chancellor’s key announcements from his March budget to an invited audience on Friday morning.
Tim focussed on the impact and opportunity presented by some of the chancellor’s announcements, in particular the rather surprising reductions in Capital Gains Tax rates and the extension of Entrepreneurs Relief to arms length investors who are not employed in the target business. However, there was no relief for Landlords who are about to face higher income tax bills from April 2016 onwards, as disposal of Buy to Let investments will attract an 8% surcharge to keep the effective rate at the current 28%.
Clearly George Osborne had his eye on the politics as well as the economy, as he announced plans to lower Corporation Tax to 17% – but not until the end of the current parliament in 4 years time. He employed the same tactic to the increase in the Income Tax threshold, announcing the higher rate band starting figure would increase to £45,000 – but not until 2017-18, with the personal allowance increasing in the same year to £11,500.
Tim also highlighted some of the rather esoteric complexities of the new savings and dividend allowances, providing examples of eye watering marginal tax rates in certain circumstances. To find out more download Tim’s detailed notes on this year’s budget by clicking here.
We would like to thank The Wimbledon Club for providing the Lake Room for our event together with a great breakfast for our guests. Finally, if you are interested in attending a future event please join our mailing list here.