Whilst the news of no-deal preparations are currently dominating headlines, our newly elected Prime Minister, Boris Johnson, has also been talking about a number of proposed tax changes, affecting both individuals and businesses.
In summary, these are:
- Increase the 40% higher income tax rate from £50,000 to £80,000.
- Increase the threshold at which stamp duty is levied to £500,000.
- Cut corporation tax rate, although it remains unclear by how much.
- Increase the Annual Investment Allowance (AIA) amount to significantly above £1m.
- Reverse the milkshake tax proposed by former prime minister, Theresa May
- Review “sin” taxes on sugar, which may be extended to alcohol and tobacco
- Raise the level at which workers start paying National Insurance Contributions (NICs) to the personal allowance level.
We will be keeping an eye out on all tax changes and announcements and will issue updates accordingly.
In the meantime, if you require further advice about how these changes could affect you, or if you have any other queries about your tax matters, please get in touch with a member of our specialist tax team today.