A summary of the key business tax announcements made in the Chancellor’s Budget on 16 March 2016

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The Chancellor has given his second budget of the all-conservative government on 16 March 2016.

The LexisPSL Tax team has put together a full summary of the Budget 2016 to provide a single source for all key business tax announcements.

Alongside these announcements, the team provides analysis of what this means to your practice and your clients, and provide links to relevant external sources (including the HMRC website), and further practical guidance in LexisPSL Tax.

Key business tax announcements:

• corporation tax: reduction of corporation tax rates to 17% in 2020

• corporation tax: reform of loss relief

• royalties: overhaul of the royalty withholding tax regime

• entrepreneurs' relief: extension to external investors

• termination payments: application of employers' NICs to termination payments

• SDLT: reform of non-residential rates onto slice system

• offshore property developers: ensuring taxation of profits from trading in and developing UK land

• CGT: reduction in rates to 10% and 20% from April 2016

Download your copy of the full report here

Filed Under: Budget

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