Budget 2015: the headlines

Budget

In his final Budget before the general election, Chancellor George Osborne set out plans to abolish tax returns, help savers and improve mental health care for women and children.

Have a look at the headline announcements below - we'll update the details once more information is released.



Tax-free savings

A new personal savings allowance means people will be able to save £1,000 without paying tax.


A rise in income tax allowance

Personal tax-free allowance will rise to £10,600 from April and then to £11,000 in 2017. The higher rate threshold will rise above inflation by 2017-18.


The end of tax returns

There will be a "revolutionary simplification of tax collection"; annual tax returns are abolished, as are Class 2 national insurance contributions for the self-employed.


Extra funding for mental health services

Spending over the next five years will increase, so that more children receive mental health care; care for women who experience mental health difficulties during pregnancy will also be improved.


Help for parents of disabled children

The budget doubled the maximum amount of money that parents of disabled children can receive to help pay for childcare costs - increasing to £4,000 per child, per year.


National Minimum Wage to increase 

The minimum wage will rise, and will top £8 by the end of the decade; the apprentice rate has also risen significantly.


ISAs for first-time buyers

The introduction of new Help to Buy ISAs aimed at helping those trying to get on the housing ladder. For every £200 saved, the government will top up with another £50.  There will also be more flexible ISAs available to all.


A new 12-sided pound coin will be released

It will feature a rose, thistle, leek and shamrock - emblems of the four UK nations.


Superfast broadband for all

Ultra-fast broadband is to be expanded to almost all homes across the country.


Lifetime pension relief allowance to be cut

Down from £1.25m to £1m; it's thought that fewer than 4% of pension savers currently approaching retirement will be affected by the cut.


Cracking down on tax avoidance - including inheritance tax

A review will take place into the avoidance of inheritance tax through the use of deeds of variation.


budget 2015

The cost of filling up your car will remain the same


The increase on fuel duty scheduled for later this year has been cancelled.


And finally, cheaper pints

Beer duty is to be cut by 1p a pint, while cider and Scotch whisky duty is cut by 2%. 

 


 

Last updated: 5 months ago