What does the 2016 budget mean for you?

There has been a lot of talk about public finances in the UK recently. The Chancellor of the Exchequer delivered his budget speech for the year on 16 March with plenty of changes in store for the year. Our friends over at Jelf Group have put together a handy report that outlines what the 2016 budget means to you and me. Click here to access the Jelf report.

Jelf Budget Guide 2016

Summary of the key changes:

  • Personal Allowance increase
  • Lifetime Individual Savings Account (LISA)
  • New Help to Save scheme
  • New tax allowances for ‘micro-entrepreneurs’
  • Capital Gains Tax rates cut
  • Insurance Premium Tax (IPT) increased
  • Corporation Tax cut
  • Employers National Insurance
  • Class 2 National Insurance abolished
  • Workplace advice tax boost
  • Extension of Entrepreneurs’ Relief
  • New stamp duty rates for commercial property
  • Cutting business rates for all ratepayers
  • Tax avoidance crackdown
  • Tax changes on loans to a shareholder

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