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CII Briefing: Budget 2016

Publication date:

16 March 2016

Last updated:

22 September 2017

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: https://www.gov.uk/government/topical-events/budget-2016  

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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