Substantial shareholdings exemption
The government will consult on possible reform of the substantial
shareholdings exemption for corporate capital gains.
National minimum wage
National minimum wage (NMW) rates will be amended in April
each year to coincide with the uprating of the national living
wage, starting from April 2017. The NMW rates for workers aged
up to 24 and for apprentices will increase from October 2016 in
line with the recommendations of the Low Pay Commission.
From 1 April 2020 business rates in England will be uprated by
reference to the CPI instead of the RPI. From 1 April 2017 small
business rate relief (SBRR) will double and the SBRR threshold
will be raised to rateable values of up to £12,000 tapering to
£15,000. The government will aim to introduce more frequent
revaluations of properties.
Insurance premium tax (IPT)
The standard rate of IPT will be increased from 9.5% to 10%
from 1 October 2016.
Soft drinks industry levy
A new soft drinks industry levy will be payable by producers and
importers of soft drinks that contain added
sugar. The new levy will be implemented
from April 2018.
Energy and environment taxes
The Carbon Reduction Commitment energy
efficiency scheme will be abolished from the end
of the 2018/19 compliance year. To cover the cost
of this measure, the main rates of Climate Change
Levy will be increased from 1 April 2019. The list
of designated energy-saving and water-efficient
technologies qualifying for enhanced capital
allowances will be updated during summer 2016,
subject to State aid approval.
16 MARCH 2016