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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.

 

 

 

Date: 27th April, 2015
Author: Cathy Corns

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