16-07-2015 Free television licences for over-75s
The TV licence fee has not been payable by those aged 75 or over since 2001. The Government has reached an agreement with the BBC that it will take on the cost of free television licences for over-75s on a phased basis from 2018/19 with the BBC taking full responsibility for the costs by 2020/21.... read more
16-07-2015 Pensions annual and lifetime allowance
The annual allowance for tax relief on pensions is currently £40,000 and there is a three year carry forward rule that allows taxpayers to carry forward unused annual allowance from the last three tax years if they have made pension savings in those years. The annual allowance is to be reduced for ... read more
16-07-2015 Vehicle Excise Duty
Major changes to the way Vehicle Excise Duty (VED) is calculated and spent will come into effect from 2017. In his Budget speech, the Chancellor confirmed that the success of low emission cars is having an adverse effect on the amount of money raised from VED. He stated that 'because so many new ... read more
16-07-2015 Insurance Premium Tax Changes
Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are currently two rates; a standard rate of 6% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. As part of the ... read more
16-07-2015 The Northern Powerhouse
In the Summer Budget, the Chancellor stressed the importance of building the Northern Powerhouse. The Northern Powerhouse was a key economic proposal of the previous coalition Government and has continued to be a key focus of the new conservative Government. The intention is to push economic growth ... read more
16-07-2015 Reform of non-dom status
From April 2017, new rules are set to be introduced that will significantly change the circumstances under which non domiciled (non-dom) status can be claimed. Whilst the details of the changes will be the subject of a consultation, the Chancellor has said that anyone who has lived in the UK for ... read more
16-07-2015 Buy to let Landlords
The Chancellor will have upset many buy-to-let landlords with his announcement that from April 2017 tax relief on mortgage costs is to be restricted to the basic rate of tax. Landlords of residential properties have benefited from tax relief on finance charges, such as mortgage interest for many ... read more
09-07-2015 New Deposit Protection Limit
The deposit guarantee limit for savers in UK banks and building societies will fall from £85,000 to £75,000 from 1 January 2016. The change which has been met with dismay by many banks has been brought about following a recalibration of the deposit protection provided by the Financial Services ... read more
09-07-2015 Summer Budget 2015 - Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current limit of £4,250 has been frozen for 18 years and the Chancellor announced that the limit is to be increased to £7,500 from 6 April 2016. The relief applies to the letting of ... read more
09-07-2015 Summer Budget 2015 – Corporation Tax
The main Corporation Tax rate dropped to 20% from 1 April 2015. The reduction to 20% resulted in the unification of the main CT rate and the small profits rate from April 2015. Most observers would have expected there to be no further changes to the rate as the previous coalition government had ... read more
