17 March 2016 United Kingdom's budget 2016 discussed The Chancellor of the Exchequer (UK Finance Minister) presented the UK Budget on March 16, outlining the Government's fiscal strategy for the tax year April 6, 2016 to April 5, 2017 and beyond. For employers, the main announcement is an extension of National Insurance contributions (UK social security) to termination payments. More generally, the most significant announcement is a reduction in capital gains tax rates to 10% and 20% from 18% and 28% for basic and higher rate taxpayers respectively, excluding sales of residential property. Much of the law to enact these measures will be detailed in the Finance Bill 2016 and subsequently presented to Parliament to pass into law. A Tax Alert prepared by Ernst & Young's Human Capital Group, and attached below, provides additional details. Document ID: 2016-0511 |
