Your long haul flights just got cheaper

Tax changes that come into action today mean that long haul flights will be becoming cheaper.

Those flying over 4,000 miles will benefit from the changes, although people travelling between 2,000 and 4,000 miles will end up paying more duty, the BBC reports.

Today also sees Band C and Band D of Air Passenger Duty (APD) abolished.

Band C affects those customers flying over 4,000 miles while Band D relates to those who will be making journeys that cover a distance of more than 6,000 miles.

The changes mean that a passenger travelling economy class paid £85 in APD last year whereas now they would pay just £71, Breaking Travel News reported.

Similarly passengers in Band D would have paid £97 last year but will pay just £71 this year as they will have dropped into the lower, and cheaper, band.

George Osborne, the Chancellor of the Exchequer, declared the changes in the budget announcement recently.

It is hoped that the decision will help to encourage trade with emerging economic countries such as China and Brazil.

However it's not all good news for those travelling long distances.

Those flying between 2,000 and 4,000 miles fall into Band B and will see their APD increase from £69 to £71.

In just one month's time further changes will be put into place as children under 12 won't have to pay APD any longer and children under the age of 16 won't have to either as of March 2016.

Diverted Profits Tax
Companies operating in the UK who artificially divert profits to other countries will now be liable to pay Diverted Profits Tax (DPT), the BBC reports.

Charged at 25% of profits, this tax is projected to make £25 million for the Treasury, increasing to £355m by 2020.

Multi-national companies including Google and Apple are currently under investigation by the European Commission for failing to pay tax in the companies where they work.

Corporation Tax

The start of the new financial year also means that companies from the UK will also pay a reduced rate for Corporation Tax thanks to the changes.

Tax on company profits will drop from 21% to 20% today and all businesses will have to pay the same rate of tax on profits over £300,000 regardless of the size of the company, Fresh Business Thinking reports.

This means that the UK now has the joint-lowest corporation tax in the whole of the G20, with Germany and France's taxes currently at 30% and 33% respectively.

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