11
Spring Budget 2017
Capital gains tax
On chargeable gains
2017/18
Total taxable income and gains
Up to higher rate threshold
10%
From higher rate threshold
20%
Trust rate
20%
Higher rates (18%/28%) may apply to the disposal of certain residential property and carried interest.
Annual exempt amount – individuals £11,300 and most trustees £5,650.
Value Added Tax (VAT) From
1 April 2017
Standard rate
20%
VAT fraction
1/6
Reduced rate
5%
Current turnover limits
Registration – last 12 months or next 30 days over
£85,000 from 1 April 2017
Deregistration – next 12 months under
£83,000 from 1 April 2017
Annual and Cash Accounting Schemes
£1,350,000
Flat Rate Scheme
£150,000
VAT Flat Rate Scheme
As announced in the Autumn Statement 2016, there will be a new 16.5% rate from 1 April 2017 for businesses with limited costs, such as many labour-only businesses. Anti-forestalling provisions have been introduced to prevent any business defined as a limited cost trader from continuing to use a lower flat rate beyond 1 April 2017.
Hoodwinked: in the early 1990s, Chancellor Norman Lamont famously presented a bag containing a bottle of whisky to the eagerly awaiting photographers- the speech was actually being kept in a plastic bag!
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