A briefing for members on the 2016 Budget.
Although Chancellor George Osborne's Budget did not include as
many 'rabbits' as we have become accustomed to, there was still
plenty of interest for people to digest. This Budget was based
around five themes:
- Reform of the business tax system.
- Further devolution of power to local communities.
- New commitments to national infrastructure projects.
- Improvements to education and children's futures.
- Supporting savers.
The headline announcements included:
- A new 'Lifetime ISA' will be available for under-40s from 2017.
For every £4,000 put in, the Government will top up £1,000.
- Further increases in the personal allowance and the threshold
for the 40p rate of income tax.
- A further increase in Insurance Premium Tax (by 0.5%) - this
will be used to pay for flood defences.
- A tax on drinks with more than 5g per 100ml of sugar (fruit
based or milk based drinks excluded).
To access the main budget documents, visit: