Budget shocks –10 times the Chancellor surprised us
Fazil Kazmy CeMAP. CII ER1
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March 2013 saw the surprise announcement of the employment allowance to offset ￡2,000 a year from company NIC payments from April 2014.
2. The announcement of a reduction of the savings tax rate in March 2014 from 10% to 0% and increase in the savings rate band to ￡5,000 was a significant, unforeseen change.
3. Also in Budget 2014 came the surprise radical reform of pensions drawdown into pensions flexibility, catching commentators and the public off guard.
4. Later in the December 2014 Autumn Statement, the changes to the structure of Stamp Duty Land Tax came out of the blue, and were slated to start almost immediately.
5. The March 2015 Budget saw the lifetime pension saving allowance cut from ￡1.25 million to ￡1 million.
6. The Summer 2015 Budget saw the first wave of unexpected changes to the buy to let regime, followed by the 3% SDLT addition in the 2015 Autumn Statement.
7. The July 2015 Budget saw a surprise new structure for the taxation of dividends, with a ￡5,000 tax free allowance and staggered tax rates for dividend income.
8. The surprising announcement of a move to a National Living Wage in Summer 2015 Budget dominated the headlines.
9. Inheritance tax was also addressed in July 2015 with a new main residence nil rate band coming in from April 2017 building to an effective IHT band in April 2020 of ￡1 million.
10. The November 2015 Autumn Statement unexpectedly announced a new apprenticeship levy on companies with payrolls of over ￡3 million.
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