Business

Record turnout as PKF-FPM panellists dissect latest Budget

Panellists at the PKF-FPM post-budget business breakfast in Newry. From left - Paddy Harty (PKF-FPM director), Gary McDonald (Irish News business editor, who chaired the event), Feargal McCormack (PKF-FPM managing director), Brian Keegan (director of taxation for Chartered Accountants Ireland) and Malachy McLernon (PKF-FPM director). Photos: Kelvin Boyes / Press Eye
Panellists at the PKF-FPM post-budget business breakfast in Newry. From left - Paddy Harty (PKF-FPM director), Gary McDonald (Irish News business editor, who chaired the event), Feargal McCormack (PKF-FPM managing director), Brian Keegan (director of taxa Panellists at the PKF-FPM post-budget business breakfast in Newry. From left - Paddy Harty (PKF-FPM director), Gary McDonald (Irish News business editor, who chaired the event), Feargal McCormack (PKF-FPM managing director), Brian Keegan (director of taxation for Chartered Accountants Ireland) and Malachy McLernon (PKF-FPM director). Photos: Kelvin Boyes / Press Eye

NEARLY 300 delegates - the biggest turn-out since the initiative was launched a decade ago - attended the PKF-FPM post-budget business breakfast in the Quays at Newry, when three keynote speakers dissected Chancellor George Osborne's so-called “Budget for the next generation” and looked at how it will affect people's finances?

Today marks the start of the new tax year, when many of the initiatives kick in.

The opening speaker was Brian Keegan, director of taxation for Chartered Accountants Ireland and whose remit covers taxation in both the Republic of Ireland and Northern Ireland.

He set the context of the March 16 budget against the background of the Brexit debate and wider taxation developments in Europe and farther afield.

The other presenters were Paddy Harty, senior tax director with PKF-FPM and chairman of Chartered Accountants Ireland's Northern Ireland Tax Committee, who guided delegates through the personal tax, employment tax and capital tax issues arising from the budget, and Malachy McLernon, tax director with PKF-FPM and chairman of the Chartered Institute of Tax in Northern Ireland, who detailed the business and corporate tax matters.

Some of the key points discussed in detail included:

• Commercial stamp duty of zero on properties up to £150,000, 2 per cent on the next £200,000 but a top rate of 5 per cent on £250,000.

• Capital gains tax slashed from 28 to 20 per cent (other than residential property) for top rate taxpayers, and from 18 to 10 per cent for basic rate taxpayers.

• The sugar levy being imposed on the soft drinks industry, assessed by volume and introduced in April 2018, proceeds of which will fund school sports.

• The new lifetime Isa for £4,000 of savings.

• The tax free personal allowance will increase to £11,500 next year, in excess of the £11,000 planned.

• How the higher 40 per cent rate threshold will increase to £45,000.

• UK corporation tax will be cut to 17 per cent by 2020, from 20 per cent now, although Northern Ireland will have its own rate of 12.5 per cent from April 2018.

Following the main presentations was a question and answer panel, when the three main speakers were joined by PKF-PFM managing director Feargal McCormack, and the event was chaired by Irish News business editor Gary McDonald.