5 more interesting things about the 2015 budget….
Author: Russell SmithJuly 9, 2015
Here are 5 more interesting things about the 2015 budget (check out yesterday’s for the top 5)….
1. Annual investment allowance is up to £200,000
The annual investment allowance is the amount of capital expenditure (i.e. big stuff!) that you are allowed to spend to get a 100% tax deduction in the first year. It is now going to be permanently fixed at £200,000 from January 2016.
2. Mortgage interest relief restriction
Mortgage interest relief for buy to let homebuyers to be homebuyers to be restricted to the basic rate – the first £42,385. You can only claim tax relief on the mortgage interest not the mortgage repayment part, this is now restricted.
3. Inheritance tax threshold increase
You can now give your children up to £1 million inheritance tax free from 2017.
4. Rent a room relief up to £7,500
If you have a lodger, you can earn up to £7,500 tax free
5. HMRC to have a £750 million budget to go after tax avoidance and tax evasion