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.
- 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.