July Budget 2015: Inheritance tax threshold to rise to exclude £1m homes July 8, 2015 The chancellor has increased the inheritance tax threshold, allowing £1m homes to be passed down to children after death to be free of tax. As part of today's July Budget, George Osborne announced that, from 2017, there will be a new £175,000 allowance on homes left to children or grandchildren. The new allowance is in addition [...]
July Budget 2015 – changes to mortgage tax relief: Here’s what to do now if you’re a buy-to-let landlord July 8, 2015 A major shake-up of the buy-to-let housing market could be about to take place, after chancellor George Osborne announced plans to change mortgage tax relief for landlords. In his Budget speech today, the chancellor said the relief will be cut to 20 per cent, from 40 to 45 per cent, in an effort to "level [...]
July Budget 2015: Dividend tax credit being scrapped in favour of £5,000 allowance July 8, 2015 Chancellor George Osborne is scrapping the dividend tax credit, introducing a £5,000 tax-free dividend in its place. On top of that, tax rates on dividend income are rising. Basic rate taxpayers – who currently pay 10 per cent, although this is offset by the tax credit – will pay 7.5 per cent on [...]
July Budget 2015: George Osborne cuts corporation tax and bank levy as he tells firms “Britain is open for business” July 8, 2015 George Osborne has made his case for keeping large corporations in the UK after he slashed corporation tax and the bank levy during the first all-Conservative Budget speech since 1996. In a Budget designed to "show the world the UK is open for business", the chancellor cut corporation tax to 18 per cent, as well as [...]
July Budget 2015: Here’s what analysts said about George Osborne’s slashed corporation tax and abolished non-dom status July 8, 2015 George Osborne promised that his would be a “budget for working people” as he presented the first Conservative Budget since 1996. But how did he deliver on this promise for the financial industry? And how has the industry received the Budget? Here’s what analysts and firms are saying. Osborne’s Budget included several points of particular [...]
July Budget 2015: Buy-to-let landlords hit as George Osborne restricts mortgage tax relief and hikes rent a room allowance July 8, 2015 George Osborne has cut mortgage interest relief on buy-to-let homes, in an effort to create a "level playing field" between prospective landlords and those buying their homes to live in. Read more: Chancellor slashes corporation tax and bank levy The chancellor said the relief will be cut to the basic rate of income tax, which [...]
July Budget 2015: Non-doms “will pay the same tax as everyone else” July 8, 2015 George Osborne has announced that he will crack down on non-doms who evade or aggressively avoid taxation. Widely anticipated before the Budget, Osborne said he would name and shame tax avoidance schemes. We've stopped these blatant abuses that were allowed to flourish, and many others. But we said to the British people we would do [...]
July Budget 2015: George Osborne set to push up tax thresholds but ease back on Conservative plans to slash welfare bill July 7, 2015 George Osborne will today use the first Tory Budget in 19 years to deliver on his party’s pre-election pledge to slash taxes for millions of workers. Yet the chancellor will also row back on the Conservatives’ manifesto commitment to find £12bn of savings from welfare payments by 2017-18 – instead taking an extra year to [...]
July Budget 2015: As inheritance tax system is set to change where will house prices drop below new threshold? July 7, 2015 Tomorrow, George Osborne is expected to announce changes to the inheritance tax system (IHT) meaning a couple can hand a £1m estate on to their children without being taxed for the privilege. Currently, a couple has a tax-free allowance of £325,000 a person (£650,000 a couple). Although IHT is applied to an entire estate, soaring [...]
July Budget 2015: From benefits caps and child tax credits cuts to pension and inheritance tax changes, here’s what to expect July 7, 2015 Tomorrow, George Osborne takes to the despatch box for his first truly Conservative Budget – indeed, the first majority Conservative Budget since 1996. The chancellor is notoriously good at trailing the contents of his Budgets before he stands up – so what do we know so far? Read more: Budget live – all the key announcements [...]