Corporation tax
The government will reduce the corporation tax rate to 17% for the Financial Year commencing 1 April 2020.
At Summer Budget 2015 the government announced it would bring forward corporation tax payment dates for those companies that have taxable profits over £20 million, so tax is paid closer to the point at which these companies make a profit. They will be required to pay tax in instalments in the third, sixth, ninth and twelfth months of the year. The government will delay the introduction of the new payment schedule by two years, so it will apply to accounting periods starting on or after 1 April 2019. The new rules, including the new commencement date, will be legislated later this year.
The government has also commissioned the OTS to review options for simplifying the computation of corporation tax, with terms of reference to be published shortly.
Education & Skills
Lifetime learning For the first time direct government support will be available to adults wishing to study at any qualification level, from basic skills right the way up to PhD. During this parliament, loans will be introduced for level 3 to level 6 training in further education, part-time second degrees in STEM, and postgraduate taught master’s courses. From 2018-19, loans of up to £25,000 will be available to any English student without a Research Council living allowance who can win a place for doctoral study at a UK university. They will be added to any outstanding master’s loan and repaid on the same terms, but with the intention of setting a repayment rate of 9% for doctoral loans and a combined 9% repayment rate if people take out a doctoral and master’s loan. The government will launch a technical consultation on the detail. Those who take out only a master’s loan will still repay at 6%. Master’s loans The government will extend the eligibility of master’s loans to include three-year part-time courses with no full- time equivalent. Longer school day The government will provide up to £285 million a year to give 25% of secondary schools increased opportunity to extend their school day. Expand breakfast clubs Starting from September 2017, the government will provide £10 million funding to expand the number of healthy breakfast clubs. Every school an academy The government expects all schools to become academies by 2020, or to have an academy order in place in order to convert by 2022. National Funding Formula for schools Subject to consultation, the government’s aim is for 90% of schools who will gain funding increases to receive the full amount they are due by 2020.
Northern Powerhouse The government will invest £20 million a year to raise education standards across the Northern Powerhouse.
Double primary school PE and sport premium From September 2017 the government will increase the primary school PE and sport premium funding from £160 million per year to £320 million per year.
Post-16 maths The government will ask Professor Sir Adrian Smith to review how to improve the study of maths from 16 to 18.
Mentoring The government will provide £14 million over the Spending Review period to deliver a mentoring scheme for disadvantaged young teenagers.
CIPP Policy News Journal
25/04/2016, Page 182 of 453
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