{"id":69013,"date":"2016-03-24T15:20:09","date_gmt":"2016-03-24T15:20:09","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=8d1feaa2a924ce7436618ec3d89ce819"},"modified":"2016-03-24T15:20:09","modified_gmt":"2016-03-24T15:20:09","slug":"news-story-finance-bill-2016-legislates-new-tax-changes","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=69013","title":{"rendered":"News story: Finance Bill 2016 legislates new tax changes"},"content":{"rendered":"<div class=\"govspeak\">\n<p>Following last week\u2019s <a href=\"https:\/\/www.gov.uk\/government\/topical-events\/budget-2016\">Budget<\/a>, the government has published <a href=\"https:\/\/www.gov.uk\/government\/collections\/finance-bill-2016\">Finance Bill 2016<\/a>. The bill implements tax changes announced at Budget 2016, Autumn Statement 2015 and Summer Budget 2015. <\/p>\n<p>The government is determined to provide opportunity for families who work hard and save, so this Finance Bill: <\/p>\n<ul>\n<li>reduces tax for over 31 million individuals by increasing the personal allowance to \u00a311,500 and the higher rate threshold to \u00a345,000 <\/li>\n<li>introduces a new personal savings allowance so that 95% of taxpayers will pay no tax on the first \u00a31,000 of savings income if they are a basic rate taxpayer<\/li>\n<\/ul>\n<p>It also puts in place fundamental measures to back British businesses, such as:<\/p>\n<ul>\n<li>cutting corporation tax to 17% in 2020 to help over a million companies<\/li>\n<li>taking radical action on the oil and gas tax regime to safeguard jobs and encourage investment <\/li>\n<li>supporting our vital creative sector with the introduction of a new tax relief for orchestras at a rate of 25% on qualifying expenditure <\/li>\n<\/ul>\n<p>Whilst this government is committed to supporting businesses through low taxes, these taxes must be paid, so this Finance Bill:<\/p>\n<ul>\n<li>counters avoidance by multinational enterprises by introducing new rules to address hybrid mismatch arrangements and ensure payments for the use of intellectual property based overseas are subject to tax<\/li>\n<li>ensure that profits from the development of UK property are always subject to UK tax<\/li>\n<li>targets key areas of rapidly growing online VAT evasion by overseas sellers and online marketplaces<\/li>\n<\/ul>\n<p>Finally, the <a href=\"https:\/\/www.gov.uk\/government\/collections\/finance-bill-2016\">Finance Bill<\/a> will build on the excellent progress made under the previous Parliament by establishing the <a href=\"https:\/\/www.gov.uk\/government\/organisations\/office-of-tax-simplification\">Office of Tax Simplification<\/a> on a statutory basis. <\/p>\n<p>David Gauke, Financial Secretary to the Treasury, said: <\/p>\n<blockquote>\n<p>This Finance Bill takes bold steps to deliver long-term solutions to long-term problems. This legislation will see workers keep more of their pay-packet, savers rewarded and reduce the burden on businesses so they can invest and create jobs.<\/p>\n<p class=\"last-child\">The UK is forecasted to grow faster than any other country in the G7 \u2013 this legislation delivers the reforms needed to ensure the UK remains fit for the future.<\/p>\n<\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Finance Bill introduces measures to provide opportunity for families, back British business and tackle multinational tax avoidance.<\/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\/69013"}],"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=69013"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/69013\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}