This newsletter highlights some of what we believe to be the most important personal tax ‘hot topics’ for you to consider before the tax year end on 5 April 2016. Please note that George Osborne will present the 2016 spring Budget on 16 March and this may have an impact on some of these points.
Tax planning ahead of the spring Budget
The third Budget in the space of 12 months could mean you should start your year-end tax planning earlier than normal.
Shortly after presenting the Autumn Statement, the Chancellor revealed that the spring Budget will be on 16 March. It will be his third Budget and fourth parliamentary set piece within a year and could potentially be the most significant. Year-end tax planning is normally best completed before the Chancellor rises to his feet and in 2016 this principle certainly makes a lot of sense. Not only is there a risk of ‘antiforestalling’ measures effective from Budget day, there is also an Easter holiday to contend with before the tax year ends on Tuesday 5 April.
The 2015/16 tax year end checklist is dominated by pensions, but there are other areas – familiar and new – to consider.
RMT Ref 138/03-16/SL