Conservative Party Conference – Chancellor of the Exchequer

The Chancellor of the Exchequer gave his first major speech at the Conservative Party conference yesterday.

A number of announcements were made but none of them really involved the major direct or indirect taxes. Here are the major new announcements:

Lloyds share offer

The Government will sell £2bn worth of Lloyds shares to retail investors (the public). Public investors will be offered a discount of 5% with a future bonus share for every 10 shares held for more than a year.

Further information can be found on the link below:

https://www.gov.uk/lloyds-share-offer/location

Shared Parental Leave

The Chancellor also announced that shared parental leave and pay will be extended to working grandparents.

This extension is planned to be introduced in 2018. Consultation on this policy will be held in the first half of 2016.

https://www.gov.uk/government/news/chancellor-announces-major-new-extension-of-shared-parental-leave-and-pay-to-working-grandparents

Business Rate Changes

The uniform business rate will be abolished.

Business rates are currently calculated by multiplying the rateable value of your property by a uniform business rate (UBR) multiplier set by the government’s Valuation Office Agency and before deducting any discounts.

The result of this policy is that local authorities will be able to cut business rates as much as they like in the future.

https://www.gov.uk/government/news/chancellor-unveils-devolution-revolution

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