PERSONAL
BUSINESS
OTHER
2
| At a Glance
AT A GLANCE
Measures announced in Budget 2016 include:
CORPORATION TAX
The rate will be reduced to
17% by April 2020.
BUSINESS RATES
The small business rate relief threshold will
rise to £15,000 from £6,000 in April 2017.
STAMP DUTY
The way stamp duty is applied to
commercial properties will change to
a marginal rate system.
SELF-EMPLOYED
Class 2 national insurance contributions
for the self-employed will be abolished
from 2018.
TAX-FREE ALLOWANCES
There will be £1,000 allowances on goods
and services and property income from
April 2017.
PERSONAL ALLOWANCE
The personal allowance will rise to
£11,500 From April 2017.
LIFETIME ISA
Those aged under 40 can save up
to £4,000 a year and receive a 25%
government bonus from April 2017.
ISAS
The annual ISA allowance will increase to
£20,000 from April 2017.
FUEL DUTY
Fuel duty will remain frozen.
ALCOHOL DUTIES
Duty on beer, cider and Scotch whisky
will remain frozen this year.
CAPITAL GAINS TAX
Capital gains tax will reduce from
28% to 20% from April 2016.
SUGAR LEVY
A sugar levy will be placed on the soft
drinks industry from 2018.
INSURANCE TAX
Insurance premium tax
will increase by 0.5%.
STAMP DUTY
Additional property rates will also apply to
large investors from April 2016.
INFRASTRUCTURE
There will be widespread investment
in road and rail networks.