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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.

Business rates

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.

page 13

BUDGET

16 MARCH 2016