Highlights 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