The Chancellor delivered his Budget Speech on Wednesday 19 March and set the scene for the announcements stating that:
‘If you’re a maker, a doer or a saver: this Budget is for you.’
Main Budget tax proposals:
- The starting rate band for savings will be increased from April 2015 and the current 10% tax rate reduced to nil.
- Individual Savings Accounts (ISAs) are to be simplified by merging the cash and stocks ISAs together with a significant increase in the investment limit from 1 July 2014.
- Radical changes are to be made to the pensions regime including removing the restrictions on access to pension pots so there will no longer be a requirement to buy an annuity.
- The Annual Investment Allowance is to be doubled to £500,000 until 31 December 2015.
- An increase will be made in the R&D tax credit available to loss making SMEs to 14.5%.
We have included articles on these main proposals. However please do get in touch if you would like further information on Budget announcements.
Internet link: Gov.uk website