Press releases

UK Budget 2016

Press releases

View Deloitte's comments on the measures the Chancellor announces in his UK Budget Statement.

16 March 2016

Small businesses get a Budget boost, but a few stings remain
Tom Evennett, private markets partner at Deloitte, comments on the impact of the latest Budget announcements for small businesses.

Local government heading for a patchwork of local deals
The future of local government looks even more uncertain than it did 24 hours ago. The question of how councils provide the best possible services to citizens, at the lowest cost, seems to have been lost in a patchwork quilt of local deals.

Stamp Duty to impact large scale residential investments
Jonathan Evans, director in the Real Estate Tax group at Deloitte, comments on stamp duty in the Budget 2016.

Tax and NI treatment of termination payments to be aligned
Mark Groom, tax partner at Deloitte, comments on the proposal to align the tax and National Insurance Contributions treatment of termination payments from April 2018.

Chancellor provides clarity around stamp duty land tax changes
Draft legislation has been published clarifying how the 3% increase in stamp duty land tax (SDLT) will work. This will apply from 1 April 2016 for those purchasing ‘additional residential properties’ in England, Wales and Northern Ireland.

Rising company car costs to fuel growth in low CO2 vehicles
The Government has announced that the CO2 emissions thresholds determining the capital allowances treatment for company cars will fall in April 2018. Simon Down, tax director at Deloitte, comments...

Individuals and small businesses are winners in first revenue-neutral Budget of the parliament
Bill Dodwell, Head of Tax Policy at Deloitte, comments on Budget 2016: “Budget 2016 is a complex mixture of tax changes in the first revenue-neutral Budget of the parliament."

Public Sector Bodies to become liable for PAYE and NIC of workers engaged through Personal Service Companies
The government has decided to make public sector bodies* responsible for those they engage. This will include the NHS and schools who engage locum healthcare workers and teachers.

Capital Gains Tax changes another blow to the buy-to-let market
Patricia Mock, tax director at Deloitte, comments on today’s Budget...

Planning a future for new homes in the UK
John Adams, head of planning at Deloitte Real Estate, commented on planning policies in the Budget 2016: “This package of new planning measures will ensure the momentum that is accelerating in the delivery of new homes."

Tax cuts aim to revitalise struggling oil & gas industry
Roman Webber, UK Oil & Gas Tax Leader at Deloitte, comments on the Chancellor’s proposals for the UK oil & gas industry.

Hard slog and luck needed to hit cherished deficit target
The economic backdrop to the Budget has turned out to be even tougher than envisioned. As expected, the Office of Budget Responsibility cut its forecasts for growth sharply for 2016 and 2017.

£1000 tax-free allowance granted for small traders and landlords
Patricia Mock, tax director at Deloitte, comments on today’s Budget

Investment and leadership needed to reach academies goal
Julie Mercer, global and UK education leader at Deloitte, comments on the impact of the education reforms announced in today’s Budget.

Chancellor’s Business Rates generosity achieved at a relatively low cost to the Exchequer
Gerry Biddle, business rates consultant at Deloitte, comments: "We welcome the news that the government will aim to introduce more frequent business rate revaluations and will publish a discussion paper this month on this topic."

Buy-to-let investors left out in the cold
The Chancellor has dealt yet another blow to individuals who are buy-to-let investors, hot on the heels of the recent interest relief restrictions and the additional 3% Stamp Duty Land Tax charge on purchases of buy-to-let property.

No Budget breather for public services
Mike Turley, global and UK public sector leader at Deloitte, comments on the impact of the additional spending cuts from today’s Budget on public services.

Further crackdown on disguised remuneration legislation
The government plans to raise £2.5bn by taxing loans under the disguised remuneration legislation, if they have not already been caught by those rules.

A spoonful of sugar tax to help obesity levels go down
Daniel Lyons, indirect tax partner at Deloitte, commented on Budget 2016: “The Chancellor’s soft drink industry levy announcement marks a new direction for so-called ‘sin taxes’ - taxes specifically directed at certain goods and services deemed potentially harmful to society."

First reduction in higher rate taxpayers since 2010
As widely expected the Chancellor has taken the opportunity to accelerate the move towards the commitment of a personal allowance of £12,500 and a higher rate threshold of £50,000 by 2020.

£16bn rateable value in the GLA
The Chancellor announced an acceleration of the devolution of retention by local authorities of 100% of business rates in the Greater London Authority area from 2020 to next April.

Deloitte preview of Budget 2016
Deloitte’s team of tax experts, its chief economist and public sector leader consider key potential announcements, the economic outlook and the state of public finances ahead of this year’s Budget.

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