The Chancellor stated that his Budget was fiscally neutral and this is reflected in the changes that will affect private clients. The personal tax measures were aimed mainly at the top and lower ends of the private client spectrum, and in each case, tax cuts are offset by other tax increases. At the top end, the reduction in the top rate of income tax next year is offset by a restriction of reliefs and an immediate increase in the rate of SDLT for expensive homes. At the lower end, the benefit of the continuing increase in the personal allowance is tempered by restrictions to age-related allowances. There is mixed news for investors and entrepreneurs.
