The Chancellor has given his first Budget of the new Conservative government on 8 July 2015.
The LexisPSL Tax team has put together a full summary of the Budget 2015 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
Key announcements that were new for the Budget 2015 include:
- reducing the main rate of corporation tax from 20% to 18% by 2020
- a new permanent level of £200,000 for the annual investment allowance for capital allowances
- capital gains tax treatment for investment fund managers in respect of the full amounts received in respect of carried interest, taking effect from 8 July 2015
- removing corporation tax relief for the cost of future acquisitions of goodwill and ‘customer-related intangible assets’ taking effect for accounting periods beginning on or after 8 July 2015, but not in respect of acquisitions made before 8 July 2015
- changes to the bank levy to reduce the rate and restrict its scope to UK operations from 2021, and
- a new corporation tax surcharge of 8% for banks with effect from 1 January 2016