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…
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