Key highlights
- Growth of 2% forecast for 2016. Down from 2.4% in November’s Autumn Statement.
- A million jobs forecast to be created by 2020.
- Inflation of 0.7% forecast for 2016.
- Headline rate of corporation tax to fall from 20% to 17% by 2020.
- Annual threshold for small business tax relief to be raised from £6,000 to £15,000.
- Supplementary charge for oil and gas producers to be halved from 20% to 10%.
- New rail lines including Crossrail 2 in London and the HS3 link between Manchester and Leeds get green light.
- £230m earmarked for road improvements in the north of England.
- Tolls on Severn River crossings halved by 2018.
- Fuel duty frozen for the sixth year running.
- Commercial stamp duty 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. New 2% rate for high-value leases with net present value above £5m. Effective from midnight.
Other Points
- Anti-tax avoidance and evasion measures to raise £12bn by 2020
- £9bn to be raised by closing corporate tax loopholes and tax minimisation schemes
- Use of “personal service companies” by public sector employees to reduce tax liabilities to end
- Cutting capital gains tax from 18% to just 10% for basic rate tax payers
- £700 million for flood defence schemes
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Suhale Vorajee
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BNP Paribas Leasing Solutions UK
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