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Following on from the 2016 Budget announcement we have outlined the key points:-
• Corporation Tax to reduce from 20% to 17% by 2020.
• Small Business Relief raised from £6,000 to £15,000. It is estimated that 630,000 businesses will no longer pay any business tax.
• Other changes are expected to be made which will affect larger organisations in a bid to raise £9bn, though the details of these changes have not yet been announced.
• Fuel duty has been frozen.
• Tobacco tax has been increased.
• Beer, cider, wine and other spirits duty has been frozen.
• A new levy on producers of sugary drinks to reduce obesity and raise £500m a year.
• Capital Gains Tax headline rate has been cut from 28% to 20% / 18% to 10%. This excludes second homes.
• ISA limit to rise from £15,000 to £20,000.
• A new “LISA” Lifetime ISA for under 40 year olds to help buy a home or towards retirement. The Government will give £1 for every £4 saved.
• Tax Free Allowance to be raised to £11,500 from April 2017.
• Higher rate tax band raised to £45,000 from April 2017.