Date set for Budget 2016

The Chancellor has set Wednesday 16 March 2016 as the date for the next Budget. This will be Mr Osborne’s seventh Budget and the second all-Tory set of announcements of the new Parliament.

What can we expect to hear in March?

As a pre-Christmas taster, the Chancellor unveiled details today of a new secondary annuities market to be introduced in April 2017, which will include a U-turn on plans to block providers from buying back guaranteed income streams from existing customers.

In addition, it’s likely there will be a heavy focus on taxation and pensions, as well as the inheritance tax residence nil rate band, capital gains tax changes and possible reform of self-employed NICs.

The following topics are also tipped to make an appearance:

  • New rules on replacement capital within EIS and VCT
  • A possible review of salary sacrifice
  • A reworking of inheritable ISAs to retain tax advantage during administration
  • Further details on the apprenticeship levy

This is just a snapshot of what we think the Chancellor may talk about next March but of course Mr Osborne is prone to delivering the odd surprise so watch this space…

Our Budget 2016 service is now available – get in touch to discuss your requirements.

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