Chancellor George Osborne delivered his eighth Budget to the House of Commons, dubbing it a ‘Budget for the long term’ but warning that ‘the storm clouds are gathering again’.

Having proclaimed that the British economy is ‘fit for the future’ and that the Government remains on course to achieve a budget surplus of £10.4bn in 2019/20, the Chancellor warned that growing global economic gloom threatens the UK.

With low productivity growth and a weak global outlook continuing to present a ‘dangerous cocktail of risks’, the Chancellor revealed that the Office for Budget Responsibility (OBR) has significantly revised down its economic forecasts for the next five years, with UK economic growth forecast to be just 2% in 2016.

Official figures also revealed that the Chancellor has missed his target to reduce debt as a share of GDP. Borrowing forecasts have been revised upwards to £55.5bn for 2016/17, and the Chancellor announced the need for deeper spending cuts, with £3.5bn of additional savings to be made by 2019/20.

About this Report

Written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.

Throughout this guide we have included tips and ideas to assist you with effective tax and financial planning. However, it is important to understand that planning is an ongoing, year-round process.

We can help to ensure that your financial plans remain effective, even as your personal and business circumstances change. We will work alongside you to help you to achieve a rewarding and financially secure future.

Please note: while most taxation changes take effect from the start of the financial year, or tax year, some may not take effect until 2017, or later. Where relevant, details of these changes have been included in this Report.

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April 2016 sees significant changes to the rules on taxation of dividends, which could have significant impact on the amount of tax you pay. To view our factsheet (click here.) which provides an overview, of the new system, together with information and advice to help you keep your tax bill to the minimum.

A new Dividend Allowance of £5,000 per annum is being introduced from the 2016/17 tax year. This is in addition to an individual’s personal allowance. The Dividend Allowance does not change the amount of income that is bought into the income tax computation. I instead it charges £5,000 of the dividend income at 0% tax - the dividend nil rate.

There will be winners and losers!

For the full details download the fact sheet click here

Chancellor pledges to ‘rebuild Britain’ as he targets £10bn budget surplus
Chancellor George Osborne pledged to move from ‘rescue’ to ‘rebuilding’ as he presented his combined Autumn Statement and Spending Review to the House of Commons.
Placing the theme of security – both economic and national – at the heart of his speech, the Chancellor set out his aim of making Britain ‘the most prosperous and secure of all the major nations of the world’, drawing on the latest economic forecasts
to suggest that the Government’s spending plans are on target to deliver a £10.1bn budget surplus by 2019/20.

At a glance

  • Doubling of Small Business Rate Relief extended
for a further year
  • New 3% stamp duty surcharge for buy-to-let properties
and second homes
  • U-turn on tax credit cuts
  • New apprenticeship levy to be set at a rate of 0.5% of an employer’s wage bill
  • New powers for local governments to set business rates
  • Record level of spending on new houses

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