Our Comprehensive Budget 2016 Review

Today’s budget was pitched as “A Budget for the next generation”. Amid all the savings ‘giveaways’, the favourable measures for businesses and the anticipated tax on sugary drinks were some meaningful tax changes.

The extension of entrepreneurs’ relief (ER) to investors will be welcomed. The other changes to ER, all backdated, show the consequences of introducing legislation in haste. Taxpayers should now have more certainty on their ER position. The lack of an exemption from the additional 3% rate of SDLT for significant investors was disappointing. This, together with the other property measures, will impact on investors. The reduction in the capital gains tax rates to 20% and 10% was unexpected but not surprising given the measures on distributions coming in from 6 April 2016.

The team at Gabelle have worked all evening to put together our summary. Once draft legislation has been released we will further analyse the more relevant measures.

I hope you enjoy reading our analysis and if you want to talk through any of the detail please speak to one of the team.

OMB/Entrepreneurs

Private Client

Employment

VAT & Stamp Duty Land Tax  (SDLT)

Compliance/Non Compliance

Anti-avoidance

Other