Part 2 on the Budget

Posted by / March 27, 2014 -

Capital Gains Tax (CGT) from April 2015 will apply to foreign investors if they sell any home in th UK that is not their main home. The CGT threshold will rise from £10900 per annum to £11100 per annum by 2016. As of this April the exemption period for CGT will be cut to 18 months from 36 months. There will also be a restriction on owners being able to avoid paying CGT when selling their main home, even if they stopped living in it up to 3 years ago.

On the property front the help to buy scheme has been extended until 2020 to support the building of 200,000 new homes. There were also announcements regarding new homes in Ebbsfleet but we don’t have any clients in Ebbsfleet or even know where it is! Hopes of a new 2% Stanmp Duty tier did not materialise for homes costing over £200,000 did not materialise. – Shame.

Childcare was mentioned with a tax break of £2000 per child to be introduced in autumn 2015. This will apply to all children under 12 where both parents earn less than £150,000 per year. – Nice one George

Bad news for bookies as profits from fixed odds terminals will be taxed at 25% and offshore bookies will have to pay the 10% betting levy. Good news however for Bingo as the duty is halved to 10% – mixed messages?

Smokers – Just stop. Its getting far too expensive and you will be a social outcast. Pack of 20 will be £8.20!

Drinkers – No change.

Energy – Carbon floor price is frozen and will trim bills for business by……….wait for it £15 in 2018-19 Oh you lucky, lucky people. Now go spend it on cigarettes and bingo !

Accountants for Bath and Wiltshire 01225 701875

 

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