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ARTICLE · 31 MARCH 2016

UK Budget 2016: Key Implications For Financial Services

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On Wednesday March 16, 2016, George Osborne delivered his eighth budget as the U.K.'s Chancellor of the Exchequer, which included a number of announcements that will be relevant to the financial services industry.

United KingdomTax
Thomas John Holton
Thomas John Holton
Ian Meade
Ian Meade
Tim Pearce
Tim Pearce
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Introduction

On Wednesday March 16, 2016, George Osborne delivered his eighth budget as the U.K.'s Chancellor of the Exchequer, which included a number of announcements that will be relevant to the financial services industry.

Rate changes

  • Corporation tax:  The current corporation tax rate of 20 percent, will be reduced to 19 percent from April 1, 2017.  From April 1, 2020, the rate will now reduce to 17 percent (it was previously set to reduce to 18 percent from that date).  
  • Capital gains tax:  The higher rate of capital gains tax will be reduced from 28 percent to 20 percent (and the basic rate from 18 percent to 10 percent), effective for chargeable gains accruing on or after April 6, 2016.  The reduced rates will not apply to disposals of residential property or carried interest.

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