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Budget 2015

piggy-bankHighlights from the March 2015 budget report

  • From 6 April 2016 the first £10,6000 of income will be free from income tax.  This will rise to £10,800 in 2016/2017 and then £11,000 in 2017/18
  • Lifetime pension allowance is being reduced from £1.25 million down to £1 million. For those in a defined benefit scheme, an anual pension of £62,500 with no lump sum equates to approximately £1.25 million
  • Pensioners will be able to, in April 2016, trade in their annuities for cash pots
  • Personal tax returns will be abolished for many tax-payers by 2020
  • Class 2 NIC is being abolished for the self-employed
  • ISA annual saving limit will be increased to £15,240
  • A new "Help to Buy" ISA introduced where £50 will be added for every £200 saved towards a first time buyers deposit
  • The first £1000 interst on savings income will be tax free for basic rate tax payers
  • The Government are going to review "Deeds of Variation" as a tool to reduce inheritence tax
  • Corporation tax is being reduced to 20% from 11 April 2015 for all companies
  • A new "Diverted Profits Tax" will be introduced to stop companies moving profits away from the UK
  • Employers NIC is being abolished for under 21 year olds
  • Tobacco duties to be increased 2% above the rate of inflation adding 16p to a packet of 20 cigarettes
  • Cider excise duty has been reduced 2p per pint
  • Septembers fuel duty increase has been 'frozen'

And ...

  • Motor cars registered before 1 January 1976 can now be registered as historic vehicles and will be exempt from the road fund license
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