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Budget 2014: Summary of main points

Here is a summary of the announcements initially picked up from the Budget 2014, taken from our tweets. Sign up to our ‘Save Tax’ newsletters on this page to receive a full report on the morning after the Budget 2014 made on 19th March 2014. Budget 2014

  • Already announced: National minimum wage up to £6.50 this October
  • Lots of measures to tackle tax avoidance and evasion. HMRC’s budget is up to help.
  • HMRC – modern powers to take directly from no payers bank accounts
  • From midnight tonight anyone purchasing residential property worth over half a million pounds through a corporate envelope will be required to pay 15% stamp duty.
  • Inheritance tax exemption for those in emergency services who lose their lives in duty
  • Help to buy extended to 2020 (already announced). 200k new homes in south east.
  • Class 2 NICs abolished. Or merged into Class 4 national insurance contributions. Details to follow.
  • Research & Development tax credit on company losses up to 14.5%
  • 100% Annual Investment Allowance (on new equipment purchased) up from £250k to £500k until 2015.
 
 

Get a full Budget 2014 Report tomorrow morning. Sign up to our ‘Save Tax’ newsletters on this page.

 
 
  • £7bn package to cut energy bills mainly for industry but also to help domestic
  • £2,000 tax relief on childcare costs from next year (already announced)
  • House!! Bingo tax halved to 10%
  • Beer duty cut by a penny a pint. Spirits and cider duty frozen. Cheers George!
  • Tax free personal allowance will be up £500 to £10,500 in 2015
  • Higher rate tax threshold raised for the first time in a very long time!
  • ISA savings annual allowances merged into one and limit up to £15k from 1st July
  • New Pensioner Bond for over 65s from 2015. Better rates than savings.
  • Osborne: allows defined contribution pension to take more cash when retire immediately, & abolish requirement to buy annuity
  • 10% tax rate on savings rate abolished. 0% tax on first chunk of savings interest.

Sign up to our ‘Save Tax’ newsletter on this page to receive a full report on the morning after the Budget 2014 Speech made on 19 March 2014.

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