The Chancellor of the Exchequer, George Osborne, delivered his Autumn Statement and Spending Review today. There were items of interest to dentists as Jon Drysdale of PFM Dental explains.
By the end of this parliament, local government will keep business rates revenue. Elected mayors will, subject to certain conditions, be allowed to raise business rates as the uniform rate is abolished.
A levy of 0.5% of employers’ wage bill is to be introduced in April 2017 but will affect less than 2% of UK employers.
People collecting the new state pension from April 2016 will receive £155.65 per week.
Tax relief on pension contributions could be subject to further change and a decision was expected today but now seems to have been delayed until the Budget next March.
Buy to let and second homes
From 1 April 2016 people purchasing buy to let properties and second homes will pay an extra 3% in stamp duty.
Jon Drysdale, an independent financial adviser from Chartered Financial planners PFM Dental, says: “After much speculation, prediction and guesswork the Chancellor delivered a fairly benign Autumn Statement. There was little to worry high earners and dentists will be relieved that income tax rates remain unchanged. For once, pensions remain off the agenda, probably in anticipation of the consultation (underway) Osborne announced in the last Budget. This is due to report in 2016 - watch this space.”
For more information visit www.pfmdental.co.uk