The ’emergency’ Budget overall looks to me to be a tax-raising budget. In particular, some currently receiving tax credits will be hit, as well as those letting out investment properties. However from April 2017, the raised tax-free personal allowance and 40% tax threshold may help some of my clients currently near or just into 40% tax.
A number of changes announced promise to be quite complex in how they operate and I shall post more having considered these. I shall be interested in particular to look at
-When is a house a home (for inheritance tax purposes)
-How to count children (for the allowances cap above two children)
-Exactly where ‘the North’ starts (I am on a train to Newcastle shortly, so shall be looking out for the Powerhouse on the way)