After the Summer Budget last week the Government have announced the 2015 Summer Finance Bill, to introduce the Tax changes proposed this year. With the Conservatives ongoing campaign to be a ‘Working Person’s Party’, the key focus has been to ensure that people keep more of their hard earned wages. As documented in the Budget, the Summer Finance Bill documents the changes to Tax that will take place:
- Income Tax and VAT will not increase, throughout the current Parliament
- Personal Tax Allowance to increase to £11,000 in 2016-17, with a further increase to £11,200 in 2017-18.
- The Higher Tax Rate will increase to £43,000 in 2016 -17, followed by a further increase to £43,300 by 2017-18
- Increase to the effective Inheritance Tax threshold will rise to £1 million for married and civil partner couples by 2020-21
The Finance Bill also covers the continued efforts of the Government to tackle Tax evasion, avoidance, as well as increasing Tax compliance. Financial Secretary to the Treasury, David Gauke commented “The government is committed to securing Britain’s future. That’s why we are making sure hardworking people can keep more of the money they earn, helping millions of businesses invest in the equipment they need to grow, and ensuring individuals and companies pay their fair share of tax.” To read the full Summer Financial Bill, CLICK HERE