The budget 2016 caused chaos and commotion both in parliament and out of parliament. It featured plans to turn all schools into academies, and increase in personal allowance, a sugar tax on soft drinks and the introduction of a new lifetime ISA. Some of these propositions were well received and some triggered major kick-back from the parts of society affected.
While George and his little red briefcase might not have impressed everyone, it’s undeniable that the budget was action-packed and designed for maximum impact. However, if you got lost in the drama and theatre of the press, media and pressure groups reporting on aspects of the budget 2016 that they disagreed with, you may have missed out on what the budget could mean for you.
If you are a business owner and employer in the UK changes will come into affect concerning both the share distribution of your company and the way that you deal with employment and termination.
As a result of the budget 2016, if you run an employee share scheme, there are no restrictions on how employee shares ownership can be spread between marital partners and spouses. Equally, if you employ the services of an off-payroll worker the way in which these individuals are taxed and where responsibility lies, is shifting. It’s important that you do your research and ensure that your company amends its processes and remains on the right side of the taxman.
Thankfully, our Rosenblatt lawyers have compiled this blog and the infographic below to help you understand what the changes are, and when they come into effect.