In the UK's 2015 Summer Budget, the Chancellor announced a number of measures affecting the taxation of both individuals and businesses.
We have prepared a round-up of the announcements, which included:
- A new £175,000 main residence nil rate band for inheritance tax.
- Restriction of tax relief on mortgage interest payments for buy-to-let landlords.
- Major changes to the taxation of dividend income.
- A reduction in the rate of corporation tax to 19% in 2017 and 18% in 2020.
- The Annual Investment Allowance being fixed at £200,000 from 1 January 2016.
- Restrictions on pension contributions for those earning over £150,000.
You may also be interested in reading our briefing on the changes for non-domiciled individuals.