UK Budget 2015 – Anthea Lettings
BUDGET 2015 – Some key Announcements – How will they effect you?
The Personal Savings Allowance to begin in April next year, will mean that the first £1,000 of the interest on all savings will be tax-free.
The tax free allowance will go up to £11,000 with the personal tax-free allowance rising to £10,800 next year and rising again the following year to £11,000.
Annual tax returns to be abolished: It has been stated that the current self assessment tax returns are ‘complex, costly and time-consuming’ these will be replaced with online automatic digital tax accounts.
Help to Buy ISA changes are for every £200 put into a deposit, the government will top it up with £50 more. New ISA’s are to be introduced which will allow savers to withdraw money without losing their tax-free allowance.
The government will sell £13 billion of mortgage assets from the bailouts of Northern Rock and of Bradford and Bingley, as well as a further £9 billion of Lloyds shares in the coming year.
The Minimum wage will go up – the minimum wage will rise to £6.70 an hour, and is anticipated that a minimum wage of over £8.00 per hour is expected to be seen by the end of the decade.
Fuel duty has been frozen
Pension pot lifetime allowance cut – this will be cut next year from £1.25 million to £1 million.
The government will conduct a review on inheritance tax, the avoidance through the use of deeds of variation.
£75 million for Afghanistan veterans, £25 million will be paid to help older veterans.
New air ambulance helicopters, for Essex & Hertfordshire, East Anglian, Welsh and Scottish air ambulances and the Lucy Air Ambulance service.
Defibrillators for public places: £1 million has been set aside to purchase defibrillators for public places which will include schools.
Gift-aid changes there will be an increase in the gift-aid scheme, increasing it from the first £5,000 to £8,000 raised.
Corporation tax will be cut to 20 per cent in April.