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KRW Tax news

25 November 2016

Employee shareholder status (ESS) to be abolished

on Friday, 25 November 2016.

The Chancellor confirmed that the tax advantages for shares awarded under ESS will be abolished for arrangements entered into on, or after, 1 December 2016, with the status itself to soon be abolished entirely. This will be a blow for those wishing to use the scheme to incentivise their staff.

25 November 2016

National living wage to increase to £7.50 per hour from April 2017

on Friday, 25 November 2016.

It was also announced that the National Living Wage which applies to workers aged over 25 will be increased from £7.20 per hour to £7.50 per hour from April 2017. National Minimum Wage rates will be increased from the same date (eg. from £6.95 per hour to £7.05 per hour for 21-24 year olds).

25 November 2016

New 16.5% VAT Flat Rate Scheme rate for businesses with limited expenses

on Friday, 25 November 2016.

The government will introduce a new 16.5% rate from 1 April 2017 for businesses with limited costs, such as labour only businesses, who currently benefit from using the flat rate scheme. We’ll await further details, but as the flat rate is applied to your VAT inclusive turnover, this means an effective rate of 19.8%, therefore eliminating any possible savings for those businesses affected.

25 November 2016

Personal allowance increases confirmed

on Friday, 25 November 2016.

The Chancellor re-confirmed the increase in the tax-free personal allowance to £11,500 (currently £11,000), with the higher rate tax threshold increasing to £45,000 (currently £43,000), from April 2017, heading towards a personal allowance of £12,500 and a higher rate tax threshold of £50,000 by the end of this Parliament, with (at least) inflationary increases in both thereafter.

07 November 2016

Details confirmed for Lifetime ISA, arriving April 2017

on Monday, 07 November 2016.

In this year’s Budget a new Lifetime ISA (LISA) was announced, offering savers a 25% government bonus on savings when used to buy a first home, or in retirement.

In this month’s Tax News we take a look at how the LISA will work, who will benefit, and how much you can save.
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