Budget 2015: The Key Points You Need To Know
An at a glance guide to all the main announcements from Chancellor George Osborne’s pre-election Budget.
12:30, UK, Wednesday eighteen March two thousand fifteen
Chancellor George Osborne has delivered his pre-election budget. Here are the key points.
:: Private tax-free allowance will be enlargened to £Ten,800 in April 2016, and to £11,000 in April 2017.
:: Fuel duty increase scheduled for September is cancelled.
:: Class two National Insurance contributions for the self-employed to be abolished entirely in the next parliament.
:: Annual tax come back to be abolished altogether.
:: Review on the use of deeds of variation to avoid inheritance tax to report by the autumn.
:: “More generous” tax credits for TV and film, expanded support for movie games industry and fresh tax credit for orchestras, and a consultation on tax support for local newspapers.
:: Farmers will be permitted to average their incomes for tax purposes over five years.
:: A “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.
:: A individual savings allowance to be launched, taking 95% of Britons out of savings tax altogether.
:: Pension pot lifetime allowance to be diminished from £1.25m to £1m from next year.
:: 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.
:: Legislation next week on diverted profits tax aimed at multinationals shifting profits offshore, with policy to take effect at the begin of April.
:: Employers’ National Insurance contributions for under-21s to be abolished from this April, and for youthful apprentices from April 2016.
:: Bank levy enhanced to 0.21%, raising an extra £900m a year.
:: 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.
:: Trebling in £15m fund for church roof appeals, and extension to £8,000 in automatic bounty aid to benefit 6,500 puny charities.
:: Charities for British servicemen and women to receive £75m, funded by Libor fines.
:: Up to £600m to clear fresh spectrum bands for further auctions, improving mobile phone coverage nationwide, including in remote communities.
:: Funding for wifi in public libraries and fresh national plan for ultra-fast broadband to almost all homes in the country.
:: Fresh 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.
:: South West to receive £7bn in transport investment.
:: Eight fresh enterprise zones across Britain – including Blackpool and Plymouth.
:: North Sea oil industry to receive £1.3bn in support through four fresh measures.
:: £1m to buy defibrillators for public places, including schools.
:: Sale of £13bn of mortgage assets held by the Government after the bailout of Northern Rock and Bradford & Bingley to be launched. This will be used to pay down the national debt.
:: The Office for Budget Responsibility says Britain’s economy grew by Two.6% last year.
:: Growth forecast for two thousand fifteen revised up by 0.1% to Two.5%, with unemployment set to fall by 0.1% from Five.4% to Five.3%.
:: OBR revises two thousand fifteen inflation forecast down to 0.2%.
Budget 2015: The Key Points You Need To Know
Budget 2015: The Key Points You Need To Know
An at a glance guide to all the main announcements from Chancellor George Osborne’s pre-election Budget.
12:30, UK, Wednesday eighteen March two thousand fifteen
Chancellor George Osborne has delivered his pre-election budget. Here are the key points.
:: Individual tax-free allowance will be enlargened to £Ten,800 in April 2016, and to £11,000 in April 2017.
:: Fuel duty increase scheduled for September is cancelled.
:: Class two National Insurance contributions for the self-employed to be abolished entirely in the next parliament.
:: Annual tax comeback to be abolished altogether.
:: Review on the use of deeds of variation to avoid inheritance tax to report by the autumn.
:: “More generous” tax credits for TV and film, expanded support for movie games industry and fresh tax credit for orchestras, and a consultation on tax support for local newspapers.
:: Farmers will be permitted to average their incomes for tax purposes over five years.
:: A “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.
:: A private savings allowance to be launched, taking 95% of Britons out of savings tax altogether.
:: Pension pot lifetime allowance to be diminished from £1.25m to £1m from next year.
:: 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.
:: Legislation next week on diverted profits tax aimed at multinationals shifting profits offshore, with policy to take effect at the begin of April.
:: Employers’ National Insurance contributions for under-21s to be abolished from this April, and for youthfull apprentices from April 2016.
:: Bank levy enlargened to 0.21%, raising an extra £900m a year.
:: 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.
:: Trebling in £15m fund for church roof appeals, and extension to £8,000 in automatic bounty aid to benefit 6,500 petite charities.
:: Charities for British servicemen and women to receive £75m, funded by Libor fines.
:: Up to £600m to clear fresh spectrum bands for further auctions, improving mobile phone coverage nationwide, including in remote communities.
:: Funding for wifi in public libraries and fresh national plan for ultra-fast broadband to almost all homes in the country.
:: Fresh 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.
:: South West to receive £7bn in transport investment.
:: Eight fresh enterprise zones across Britain – including Blackpool and Plymouth.
:: North Sea oil industry to receive £1.3bn in support through four fresh measures.
:: £1m to buy defibrillators for public places, including schools.
:: Sale of £13bn of mortgage assets held by the Government after the bailout of Northern Rock and Bradford & Bingley to be launched. This will be used to pay down the national debt.
:: The Office for Budget Responsibility says Britain’s economy grew by Two.6% last year.
:: Growth forecast for two thousand fifteen revised up by 0.1% to Two.5%, with unemployment set to fall by 0.1% from Five.4% to Five.3%.
:: OBR revises two thousand fifteen inflation forecast down to 0.2%.