Summer Budget 2015: Keeping the UK a competitive place to do business

So George Osborne delivered his first Conservative Government Budget yesterday and it was stuffed full of new measures in an attempt to make his mark as a Chancellor with a 'big plan'. I hope you found our coverage yesterday useful. Whilst the measures covered a raft of areas we have summarised the key outcomes from the Summer Budget below:

• Corporation tax – will be reduced from 20% to 19% in 2017 and 18% in 2020.

• National living wage (NLW) – will be in introduced for workers aged 25+, by introducing a new premium on top of the new National Minimum Wage. From April 2016, the new NLW will be set at £7.20.

• Personal allowance – will increase from £10,600 2015/16 to £11,000 in 2016/17 and, £11,200 in 2017/18.

• Inheritance tax (IHT) – new measures are being introduced to remove the majority of family homes from IHT net, where the residence is left to children or grandchildren.

• Pensions – From 6 April 2016, the Lifetime Allowance for pensions’ contributions will reduce to £1m. From April 2016 the annual allowance benefits of pension’s tax relief will be tapered for taxpayers earning above £150,000.

• Non-domiciled individuals - from April 2017, non-domiciled individuals resident in the UK for 15 of the last 20 years will become taxable on their worldwide income.

There were also changes announced to the taxation of property and particularly that affecting landlords with buy-to-let mortgages, the banking levy and the taxation of banks more generally, the devolution agenda, tackling anti-avoidance, green taxes, and even business rates got a mention. 

Throughout the day we provided regular commentary on the Chancellor's announcements to help you understand how it could impact you, and your business. We captured this on our dedicated web pages where you can find all of our expert insights.

To find out more:
Web page - http://www.pwc.co.uk/budget
Blog - http://pwc.blogs.com/tax

Twitter - @PwC_UK

If you'd like to talk through how the impact of Summer Budget 2015 might impact you and your business, don't hesitate to get in touch with your usual PwC adviser. 

Kind Regards

Stella Amiss - +44 (0) 207 212 3005 / [email protected]