Key Points

 

Personal taxes

• Tax free allowance raised to £10,600 next year.
• Higher rate tax band raised to £42,385.
• When someone dies, their husband or wife will be able to inherit their ISA tax free.
• The inheritance tax exemption will cover aid workers who lose their lives dealing with humanitarian emergencies.

 

Corporate taxes

• A 25pc tax on profits from activity in the UK for companies that shift profits offshore will raise £1bn over the next five years.
• Business rates to be reviewed.
• Tax relief for small and medium-sized businesses doubled, and a £45m package of support for exporters.
• Tax credit for children’s TV producers
• No employer national insurance on apprentices

 

Property

Stamp Duty reformed to become more progressive, introduces marginal tax rates. Changes come into force from tonight.

• Up to £125,000 – no tax
  Up to £250,000 – 2pc
  Up to £925,000 – 5pc
  Up to £1.5m – 10pc
  Above that – 12pc

Stamp duty cut for 98pc of homebuyers who pay it, you pay more if you buy anything above £937,000.

 

Health

• Confirmed £2bn a year extra spending on NHS
• Extending £2,000 employment allowance to carers

 

Travel

• Fuel duty frozen again
• Air passenger duty for children under 12 abolished from next year, and for children under 16 the year after

Bank fines

• £1.2bn of forex bank fines for GP services
• Libor fines go to emergency services, Gurkhas, £10m for veterans with hearing problems, new helicopters and VAT refunds for search and rescue

 

Education

• £10,000 student loans for postgraduate students doing masters degrees

 

Devolution

• Northern Ireland to set corporation tax