Budget 2016: How will the 2016 Budget affect you?
On the 16th March George Osborne unveiled his eighth Budget, setting in motion regulatory changes that will shape the UK’s financial landscape in the years to come.
Despite much speculation, the Budget lacked big economic ‘rabbits’ – a likely strategic move by the Chancellor not looking to court controversy ahead of the EU referendum on the 23rd July.
For comprehensive legal advice on a broad range of topics affecting all from multinational corporations to private individual matters, read our 2016 Budget highlights as explained by our sector experts.
How will the 2016 Budget affect your sector?
Budget 2016 included a number of tax measures that were not trailed in the media, including some surprising measures targeting profits realised by offshore property developers.
This is not the first Budget in recent years that refers to streamlining the planning system. Much of this is old news – a move to a more zonal approach simply refers to the permission in principle system passing through Parliament in the Housing and Planning Bill. Doubt remains as to the extent to which that approach can in practice speed up development on anything other than small sites. On local plan delivery, further details of the government’s proposed measures are only expected later this year.
Construction, Engineering & Projects
Today’s Budget announcements are likely to be well received by the construction and infrastructure sectors, including the green lights given to develop plans for High Speed 3 between Leeds and Manchester, and the £80 million to continue the planning for Crossrail 2 that will help increase tube capacity and reduce the pressure on Victoria and Waterloo stations. Road improvements, including an upgrade to the M62, and flood defence schemes also fared well with nearly £1billion committed overall.
We have had months of speculation, but the Chancellor has stopped short of making any radical changes to pensions in the Budget. However, today’s announcement did introduce a sea change in the tax incentives for retirement savings.
Tax, Trusts & Succession
These are some of the key areas where our private individual clients are likely to be affected by today’s Budget speech. A more detailed briefing on the main areas will follow once we have reviewed the draft legislation in the next few days.
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