Budget Property taxes

Budget raises thresholds and cracks down on multinationals
The Chancellor has confirmed the threshold at which people pay 40% income tax will rise from its current level of £42,385 to £45,000 in April 2017, while the tax-free personal allowance will rise from £11,000 in April 2016 to £11,500 in April 2017. Meanwhile, banks and multinationals are set to lose out after being hit by new restrictions on how they can deal with historic losses and interest on their debts. The Chancellor has brought in restrictions barring all such carried forward losses to 50% of profits. The changes will only apply to companies making profits over £5m, and is set to raise around £400m a year. A slightly larger amount will be raised by tightening existing rules restricting losses that can be used by the banking sector, which will be reduced to 25% of current profits. But the headline rate of corporation tax, currently 20%, will fall to 17% by 2020. In addition, a crackdown has been announced on foreign firms selling products online in the UK without paying VAT. Online platforms such as Amazon and eBay would be held liable for missing VAT if they fail to act against traders using their sites. George Osborne also confirmed a tax loophole used by public sector employees who pay themselves via personal companies has been closed

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