Good news

Jon Drysdale highlights items of interest to dentists

Tax and duty

The personal tax-free allowance is to be increased and the higher rate tax threshold increased from £41,861 to £42,385 – the first increase in line with inflation for five years.

Reform of stamp duty means an estimated 98 per cent of home buyers will pay less, while those purchasing very high value properties will pay significantly more.

Small businesses

The Funding for Lending Scheme (FLS) has been extendedby one year. This government-backed lending is available to small businesses, including dentists, through the major high street banks.

A full structural review of business rates was announced with Small Business Rate Relief to double again and rates capped.

Savings

The £15,000 ISA limit is to be increased to £15,240 from next April. ISA tax-free savings can be passed to spouses on death from next April.

Pensions

There was confirmation that the 55 per cent pensions death tax charge on unused pensions is to be abolished.