Summer Budget 2015

17132381_sThe Chancellor announced his second budget of the year on 8 July. Some of the main points that may effect Credit Unions include:

  • Corporation tax will continue to fall with a drop to 19% in 2017 and 18% in 2020.
  • NIC employment allowance will be increased to £3,000 from April 2016.
  • Insurance premium tax increased to 9.5% from November 2015
  • There are also a number of cuts to welfare as well as a 1% pay increase freeze for the public sector which may impact on many members.
  • The minimum wage has been increased and has also been rebranded the “national living wage”.

A full summary of the budget can be found on our main website by clicking here.