The Chancellor of the Exchequer gave his Budget to Parliament today, at 12.30pm.
A summary of what some of the things announced can be seen here:
- The UK had the fastest growth in the G7 in 2014.
- Debt will be falling as a share of GDP in 2015-2016.
- The tax-free personal allowance is being increased in April 2017, to £11,000.
- A new Personal Savings Allowance will take 95% of taxpayers out of savings tax altogether.
- Introducing the Help to Buy ISA – every £200 people save towards their first home, the government will put in an extra £50, up to a maximum bonus of £3000.
- People will have complete freedom to take money out of an ISA and put it back in later in the year.
- £1.25 billion for children’s’ mental health services.
- Cancelling the fuel duty increase scheduled for September.
- Cutting beer duty for the third year in a row.
- Up to five million pensioners will be given the freedom to sell their annuity for a cash lump sum.
- Charities will be able to claim more gift aid on small donations.
- Farmers will have more time to average their profits for income tax.
- Abolishment of the annual tax return.
- Support for all regions across the UK.
- Making sure banks pay their fair share.
- Increased support for the oil and gas sector.
- Faster broadband and better mobile networks.
- Introducing postgraduate research loans.
- Further investment in science and innovation.
- The government will consult on a tax relief for local newspapers.
We realise as a business that there are a lot of issues that need to be resolved and we will be keeping you up-to-date on the outcomes of the Budget that are relevant to you over the coming days and weeks.
The full Budget 2015 report can be read on the Government’s website
Access the Treasury’s set of Budget 2015 infographics, explaining some of the key announcements here.
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