Countdown to Budget

Countdown to the budget

The treasury has confirmed that newly appointed Chancellor George Osborne will present his emergency Budget on Tuesday 22 June.

There is a lot of speculation about the actual content of the Budget and therefore it may be worth considering the following:

-An increase in the rate of capital gains tax on non-business assets seems very likely and some even think that it may go back to being treated as taxable at an individuals' top marginal rate.

You may wish to look at disposing of assets now before the rate increases.

-The annual investment allowance for capital allowance purposes may be abolished. If you have to make large capital purchases for your business it may be worth doing so before budget date if you have the funds available, to secure the 100% AIA. Please contact us as soon as possible for assistance.