Tax Changes from 6 April 15

HM Treasury has recently issued a list of all of the tax changes that come into effect this month, some of the key ones are:-

• Individuals over the age of 55 have flexible access to their defined contribution pension savings
• The Income Tax Personal Allowance increased to £10,600
• The higher rate income tax threshold increased to £42,385
• The new Marriage Allowance came into effect
• The starting rate of savings income tax reduced from 10% to 0% for savings up to £5,000
• 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
• 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
• A new annual remittance basis charge of £90,000 has been introduced for non-domiciled individuals who have been resident in the UK in at least 17 of the last 20 years; 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 residents 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.