Budget Summary

The key points of this years budget are:

Inheritance tax – Business Property Relief and Agricultural Property Relief being reduced by approximately 50%.

Capital gains tax for assets other than residential properties, being increased to 18% or 24%, which is in line with that for residential properties.

Capital gains on assets subject to Business Asset Disposal Relief (previoulsy called Entrepreneurs relief) to be increased from 10% to 14%, with a further increase to 18%

Employers NIC to commence at income levels of £5,000.

Employers NIC rate to be increased from 13.8% to 15.0%.

Employment Allowance to increase from £5,000 to £10,500.

Pensions held to be included in a deceased estate for inheritance tax purposes