The Chancellor of the Exchequer gave his Budget to Parliament on Wednesday 8 July 2015, this included:
- A new tax of 8% on banking sector profit, alongside a phased reduction of the bank levy rate, and from 1 January 2021 UK-headquartered banks will only pay the bank levy on their UK balance sheet
- A fundamental review of the regulation of claims management companies (CMCs).
- A statement that the Government will bring forward proposals (on which it will consult) for a cap on CMC charges to their customers.
- A reiteration of the Chancellor’s intention to legislate to make compensation payments (e.g. for PPI) non-deductible for corporation tax purposes.
- A further cut in corporation tax to 19% in 2017 and 18% in 2020.
- A new levy will be imposed on large employers to fund post-16 apprenticeships.
- A new National Living Wage for workers aged 25 and above, with a target hourly rate of £9 by 2020.
For the full Budget click here.