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The Key Points from todays budget are:
- Personal tax-free allowance will be increased to £10,800 in April 2016, and to £11,000 in April 2017.
- Beer duty to be cut for the third year running, with 1p off the price of a pint. Cider duty to be cut by 2%. Duty on scotch whisky and other spirits to be cut by 2%. Wine duty to be frozen.
- Pension pot lifetime allowance to be reduced from £1.25m to £1m from next year, saving £600m annually.
- National Minimum Wage will rise by 20p an hour to £6.70 from October.
- Corporation tax to be cut to 20% in two weeks’ time.
- “Help to buy ISA” will be launched for first-time buyers. For every £200 saved for a deposit, the Government will top it up with £50.
- Personal savings allowance to be launched, taking 95% of Britons out of savings tax altogether.
- Fuel duty increase scheduled for September is cancelled.
- Employers’ National Insurance contributions for under-21s to be abolished from this April, and for young apprentices from April 2016.
- Class 2 National Insurance contributions for the self-employed to be abolished entirely in the next parliament.
- Annual tax return to be abolished altogether.
- “More generous” tax credits for TV and film, expanded support for video games industry and new tax credit for orchestras.
- Trebling in £15m fund for church roof appeals, and extension to £8,000 in automatic gift aid to benefit 6,500 small charities.
- Review on the use of deeds of variation to avoid inheritance tax to report by the autumn.
- Charities for British servicemen and women to receive £75m, funded by Libor fines.
- Up to £600m to clear new spectrum bands for further auctions, improving mobile phone coverage nationwide, including in remote communities.
- Funding for wifi in public libraries and new national plan for ultra-fast broadband to nearly all homes in the country.
- New investment in transport and regeneration across London, and funding to address acute housing shortages in the capital.
- Automotive industry to receive £100m in investment in the race to driverless technology.
- North Sea oil industry to receive £1.3bn in support through four new measures.
- £1m to buy defibrillators for public places, including schools.
- Expanded support for creative industries, including a new tax credit for orchestras.
- Consultation on tax support for local newspapers.
- Measures on tax avoidance and evasion to raise £3.1 billion over the forecast period.
- Legislation next week on diverted profits tax aimed at multinationals shifting profits offshore, with policy to take effect at the start of April.
- The Office for Budget Responsibility says Britain’s economy grew by 2.6% last year.
- Growth forecast for 2015 revised up by 0.1% to 2.5%, with unemployment set to fall by 0.1% from 5.4% to 5.3%.
- OBR revises 2015 inflation forecast down to 0.2%.
- Sale of £13bn of mortgage assets held by the Government after the bailout of Northern Rock and Bradford & Bingley is going to be launched. This will be used to pay down the national debt.
- Bank levy increased to 0.21%, raising an additional £900m a year. New banking taxes to raise £5.3bn across forecast period.
- Farmers will be allowed to average their incomes for tax purposes over five years.
Tagged with: budget2015
- Key Points Spring Budget 2017
The Spring budget was presented by Mr Philip Hammond on 8th March 2017.
A summary of the main points are noted below:
Class 4 National Insurance to increase from 9% to 10 % in April 2018 and to go up to 11% in April 2019. All class 4 earnings above £43,000 will continue […]
- Married Couples Allowance
Transfer unused tax allowance to save up to £212.00 in tax year 2015/16
If you are a married couple or are in a civil partnership, you may qualify for couples tax relief worth up to £212 in 2015/16.
Who does this apply to?
This tax relief is available to married couples and couples in a […]
- Budget 2016 – Key Points
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This aims to raise £520m in a two-part levy on companies – one for total sugar content above 5g per 100ml and one for drinks with more than 8g per 100ml – to be introduced in two years’ time. Pure fruit juice and milk are excluded. It will be used […]
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- Autumn Statement 2015
Tax credits will now remain unchanged, after having lost a key vote on the House of Lords
The rate of Housing Benefit in the social sector will be capped at the same rate as is paid to those in the private rented sector.
Money will be spent to […]
- Key Points Spring Budget 2017