Published on Wednesday 16 March 2016 in Van News
Chancellor George Osborne pledged to save small business drivers £270 a year after fuel duty was frozen for the sixth year in a row. He delivered his 2016 Budget in the House of Commons and the key points from his speech are below:
- Growth of 2% forecast for 2016. Down from 2.4% in November's Autumn Statement
- A million jobs forecast to be created by 2020
- Inflation of 0.7% forecast for 2016
- Headline rate of corporation tax to fall from 20% to 17% by 2020
- Annual threshold for small business tax relief to be raised from £6,000 to £15,000
- Supplementary charge for oil and gas producers to be halved from 20% to 10%
Fuel, roads, trains & tolls
- Fuel duty frozen for the sixth year running
- New rail lines including Crossrail 2 in London and the HS3 link between Manchester and Leeds get green light
- £230m earmarked for road improvements in the north of England
- Tolls on Severn River crossings halved by 2018
Raising funds & closing corporate tax loopholes
- Anti-tax avoidance and evasion measures to raise £12bn by 2020
- £9bn to be raised by closing corporate tax loopholes and tax minimisation schemes
- Use of "personal service companies" by public sector employees to reduce tax liabilities to end
- Cutting capital gains tax from 18% to just 10% for basic rate tax payers
- £700 million for flood defence schemes
- Commercial stamp duty 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. New 2% rate for high-value leases with net present value above £5m.
Are you happy with the budget? What would you liked to have seen increased or cut? Please let us know below