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Budget summary

Posted by admin on March 20, 2015

money_box-128.pngFor those of us who don't have time to wade through the detail on the UK budget announced on March 18th 2015, here's our short summary of the main changes;

Business

Corporation tax

The main rate for corporation tax will be cut to 20% from April 2015.

National insurance

Businesses will no longer have to pay NICs for employees under-21 from April 2015. They will also be abolished for apprentices under 25 from April 2016.

Business rates

Small business relief will be extended until April 2016. Inflation-linked increases to business rates will be capped at 2% until April 2016.

Diverted profits tax

A new tax aimed at large companies that artificially shift profits offshore will come into effect from 1 April 2015.

Entrepreneurs' relief

Entrepreneurs' relief will only be available to those selling genuine stakes in businesses.

Bank levy

The annual bank levy will be raised to 0.21%.

Travel and subsistence

Travel and subsistence relief will be restricted for individuals working through intermediaries such as umbrella companies from April 2016.

Farmers

Farmers will now be able to average their income over 5 years for tax purposes from April 2016.

Personal

Minimum Wage

The minimum wage will rise to £6.70 in the autumn, with the apprentice rate increasing to £3.30.

Pensions

The lifetime allowance will be lowered from £1.25 million to £1 million from 6 April 2016 and will be indexed to increase in line with inflation from April 2018.

Annuities

Annuity holders will be able to sell their retirement income at their marginal rate of tax from April 2016.

Income tax

The personal income tax allowance will be £10,600 in 2015/16.The threshold for the higher rate will increase to £43,300 in 2017/18.

Flexible ISAs

More flexible ISAs will allow people to take money out of their account and return it in the same year without losing any of their annual tax-free entitlement.

Help to Buy ISA

The Help to Buy ISA is designed to help first time buyers save for a deposit on their first property.

Personal savings allowance

The first £1,000 of interest on savings earned will be tax-free for basic rate taxpayers from April 2016.

Inheritance tax

The government will review deeds of variation for tax purposes.

Other

 

Alcohol duties

Beer duty will be cut by 1 pence, while cider and spirit duties will be reduced by 2%.

Fuel duty

The fuel duty increase that had previously been scheduled to come into effect in September 2015 has been cancelled.

Export finance

Support to British businesses exporting to China will be almost doubled through an increase in UK Trade & Investment resources.

Charities

Charities can claim automatic gift aid on their first £8,000 of donations.

Transport

There will be investment in transport across the country, including a new transport strategy for the north and £7 billion to the South West.

The Severn Crossing

From 2018 the toll rates for the Severn Bridge will be reduced and the higher band for vans and small buses removed completely.