{"id":56254,"date":"2015-04-06T08:30:11","date_gmt":"2015-04-06T08:30:11","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=2c88f3dcd2abf277a7d62c12c3dc4e45"},"modified":"2015-04-06T08:30:11","modified_gmt":"2015-04-06T08:30:11","slug":"news-story-tax-changes-coming-into-effect-6-april-2015","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=56254","title":{"rendered":"News story: Tax changes coming into effect 6 April 2015"},"content":{"rendered":"<div class=\"govspeak\">\n<ul>\n<li>Individuals over the age of 55 have flexible access to their defined contribution pension savings<\/li>\n<li>The Income Tax Personal Allowance increases to \u00a310,600<\/li>\n<li>The higher rate income tax threshold increases to \u00a342,385<\/li>\n<li>The new Marriage Allowance comes into effect<\/li>\n<li>The starting rate of savings income tax reduces from 10% to 0% for savings up to \u00a35,000<\/li>\n<li>The cash ISA limit increases to \u00a315,240<\/li>\n<li>Child Trust Funds can now be transferred into Junior ISAs<\/li>\n<li>Spouses can now inherit their deceased partner\u2019s ISA benefits<\/li>\n<li>If an individual dies before the age of 75, they can now pass on their unused defined contribution pension savings free of income tax<\/li>\n<li>Beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity can now receive any future payments from such policies free of income tax<\/li>\n<li>Employers will no longer have to pay employer NICs for employees under the age of 21<\/li>\n<li>Class 2 NICs for the self-employed can now be collected through Self-Assessment<\/li>\n<li>The Employment Allowance extends to include people employing care and support workers to look after themselves or family members<\/li>\n<li>A new annual remittance basis charge of \u00a390,000 is introduced for non-domiciled individuals who have been resident in the UK in at least 17 of the last 20 years, and the charge paid by non-domiciled individuals who have been resident in the UK in at least 12 of the last 14 years has increased from \u00a350,000 to \u00a360,000<\/li>\n<li>Non-UK resident individuals, trusts, personal representatives and narrowly controlled companies are now subject to Capital Gains Tax on gains accruing on the disposal of UK residential property <\/li>\n<li>Capital Gains Tax annual exemption amount has increased to \u00a311,100<\/li>\n<li>The Capital Gains Tax charge on disposals of properties liable to ATED extends to cover residential properties worth \u00a31 million &#8211; \u00a32 million<\/li>\n<li>The requirement that 70% of Seed Enterprise Investment Scheme money must be spent before EIS or VCT funding can be raised is removed<\/li>\n<li>The Fuel Benefit Charge multiplier for both cars and vans increases by RPI<\/li>\n<li>The Van Benefit Charge increases by RPI &#8211; in 2015-16 the Van Benefit Charge rate paid by zero emission vans is 20% of the rate paid by conventionally fuelled vans<\/li>\n<li>Tax Credit payments are stopped in-year where, due to a change in circumstances, a claimant has already received their full annual entitlement<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The following tax changes come into effect today (Monday 6 April 2015):<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/56254"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56254"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/56254\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}