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
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