Taxing sugar budget
George Osborne announced the bitter taste of budget including sugar tax, clampdown on tax avoiding multinationals and business rate relief for small businesses, as the economic outlook worsened. New lifetime ISA for young savers under -40s Isa limit to increase from £15,000 to £20,000 from next year. New Lisa or lifetime ISA for under-40s, the government will give you £1 for every £4 you save, up to an annual limit of £4,000.
Sugar levy on soft drinks to be spent on school sports
Restricts tax loopholes for big corporations
The business rate cuts will make a difference to small shopkeepers.
500,000 see high-rate threshold raised to £45,000 worth £600m by 2020. Tax-free allowance raised to £11,500 affecting 31m people from next year.
A rise in basic rate tax allowance worth almost £2bn by 2020
Corporation Tax to fall from 20 percent to 17 percent by 2020. New threshold for small business relief raised from £6,000 to £15,000 benefiting 630,000 companies out of business tax Cuts in Capital Gains tax worth £735m by 2020.
Budget what it really means to you?
| Person | Net income pre Budget £ | Net Income 2016/17 | Better off by |
|---|---|---|---|
| Single | £13, 287 | £13, 367 | £ 80 |
| Married couple with no children | £ 43, 574 | £43, 734 | £160 |
| Single person professional | £50, 826 | £50, 967 | £141 |
| Unmarried couple with three school-age children | £27,327 | £27, 407 | £ 80 |
| Married couple with two children under five | £34, 055 | £34, 416 | £361 |
| Single person self-employed | £43, 010 | £ 43, 170 | £160 |