George Osborne’s second Budget of 2015 is likely to provide caravan and holiday park owners and leaders with food for thought.

From an employer’s perspective, there was mixed news. The annual employment allowance discount on employers’ national insurance contributions will rise from £2,000 to £3,000 in April 2016, although it will be withdrawn for companies where a director is the sole employee from the same date.

Meanwhile, Mr Osborne announced the introduction of a national living wage of £7.20 an hour – 70p higher than the current national minimum wage main rate – to be introduced for workers aged 25 and above from April 2016. It is expected to reach a government target of more than £9 by 2020.

There were also announcements with implications for businesses with a company structure, with the corporation tax rate due to fall from 20 per cent to 19 per cent in 2017 and 18 per cent in 2020.

However, dividend tax credit – which means that non and basic rate taxpayers receive dividend income tax-free – will be replaced from April 2016 by a £5,000 annual dividend tax allowance. On income above the threshold, basic rate taxpayers will pay 7.5 per cent tax, higher rate taxpayers 32.5 per cent and additional rate taxpayers 38.1 per cent.

And corporation tax relief on the value of goodwill has been restricted for acquisitions and disposals on or after 8 July 2015. Previously available when a company was acquired through the purchase of trade and assets, but not through a shares purchase, it has been removed in relation to the purchase of goodwill and other related intangible assets.

From a personal tax perspective, higher earners are to be hit by a new taper on the pensions annual allowance, the amount that can be saved each year into a pension and receive tax relief, currently £40,000 a year.

From April 2016, for every £2 of adjusted income (including the individual’s own and employer pension contributions) above £150,000, the annual allowance will be reduced by £1, down to a minimum of £10,000.

But there was better news on inheritance tax (IHT). From 2017, a £175,000 IHT allowance will be phased in for people leaving their home to direct descendants. Combined with the existing £325,000 IHT nil-rate band, it will effectively create a £1 million IHT exemption for spouses and civil partners by 2020-21.

Milsted Langdon’s experienced team can provide expert advice on all aspects of the summer Budget, and how it might affect your business or personal finances. For more information, please contact us.