HMRC has kindly published a list of the tax changes that affect individuals from 6^th April 2015. We have reproduced the list below.

• Individuals over the age of 55 have flexible access to their defined contribution pension savings
• The Income Tax Personal Allowance increases to £10,600
• The higher rate Income Tax threshold increases to £42,385
• The new Marriage Allowance comes into effect
• The starting rate of savings Income Tax reduces from 10% to 0% for savings up to £5,000
• The cash ISA limit increases to £15,240
• Child Trust Funds can now be transferred into Junior ISAs
• Spouses can now inherit their deceased partner’s ISA benefits
• If an individual dies before the age of 75, they can now pass on their unused defined contribution pension savings free of Income Tax
• Beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity can now receive any future payments from such policies free of Income Tax
• Employers will no longer have to pay employer NICs for employees under the age of 21
• Class 2 NICs for the self-employed can now be collected through Self Assessment
• The Employment Allowance extends to include people employing care and support workers to look after themselves or family members
• A new annual remittance basis charge of £90,000 is introduced for non-domiciled individuals who have been resident in the UK in at least 17 of the last 20 years, and the charge paid by non-domiciled individuals who have been resident in the UK in at least 12 of the last 14 years has increased from £50,000 to £60,000
• Non-UK resident individuals, trusts, personal representatives and narrowly controlled companies are now subject to Capital Gains Tax on gains accruing on the disposal of UK residential property
• Capital Gains Tax annual exemption amount has increased to £11,100
• The Capital Gains Tax charge on disposals of properties liable to ATED extends to cover residential properties worth £1 million – £2 million
• The requirement that 70% of Seed Enterprise Investment Scheme money must be spent before EIS or VCT funding can be raised is removed
• The Fuel Benefit Charge multiplier for both cars and vans increases by RPI
• The Van Benefit Charge increases by RPI. In 2015-16 the Van Benefit Charge rate paid by zero emission vans is 20% of the rate paid by conventionally fuelled vans
• Tax Credit payments are stopped in-year where, due to a change in circumstances, a claimant has already received their full annual entitlement

If you need more information regarding any of these changes please call.

This entry was posted on Tuesday, May 5th, 2015 at 12:00 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.