In recent years the Chancellor has run a ‘mini budget’ in the late autumn of each year. Clearly this year he was under significant political pressure given his wish to reduce tax credits. He has partially back peddled in this regard, but there are significant changes in the following areas:
- An apprenticeship levy of 0.5% on big company payrolls.
- A surcharge of 3% on buy to let purchases.
- Basic pension goes up to £119.30 from 6th April 2016.
- A payment on account of CGT on the disposal of second homes.
As always, if you require specific advice in any of these areas please get in touch.