Farley And Partners

The annual investment allowance will be £200k from January 2016

EMPLOYEE BENEFITS AND EXPENSES

A statutory exemption is to be introduced from April 2016, which is intended to simplify the tax system by introducing a statutory exemption for trivial beneits in kind costing less than £50.

SELF-EMPLOYED NATIONAL INSURANCE CONTRIBUTIONS

Consultation will commence in autumn 2015 on abolishing Class 2 national insurance contributions (NICs) and reforming Class 4 NICs for the self-employed.

BANK CORPORATION TAX SURCHARGE

A supplementary tax of 8% on banking sector proits will be introduced from 1 January 2016.

The tax will apply to the banks’ corporation tax proits prior to the use of any existing carried forward losses. The irst £25 million of proit within a group will not be subject to this tax charge.

Where a company’s accounting period straddles 1 January 2016, the period will be split and the surcharge will apply to proits of the notional period commencing on 1 January 2016.

BANK LEVY

A reduction to the full bank levy rate will be implemented changing the rate from 0.21% to 0.18% in 2016.

New legislation will also be introduced to change the tax base to UK operations only from 1 January 2021.

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