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Budget 2015 – Some Key Points

18th March 2015

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Detail on a couple of aspects to follow :-

• Unemployment to fall to 5.3% this year
• 80% of jobs full time and growing fastest in NW – County of Yorkshire created more jobs than France!
• Lock in historically low interest rates for the long term

• Lifetime allowance on pensions going from £1.25m to £1m, from 2018 will be indexed – No cut to annual allowance so still £40,000

• Raising rate of bank levy to 0.21% raising £5.3 bill – no longer allowed to offset PPI compensation expenses
• Corporation Tax cut to 20% – any increase only
• Abolish NI for under 21’s and also for apprentices
• Self-Assessment form annual tax return abolished – digital tax accounts
• Class II NI scrapped for Self-Employed

• Penny off a pint
• Spirits and ciders cut 2p, wine duty frozen

• Personal tax allowance raised to £10,800 in 2015/16 then £11,000
• Higher rate tax raised to £43,300from £42,385 – above inflation
• Review of IHT avoidance through deeds of variation

• 4 steps in savings:-

1. 5m pensioners will have access to annuities – tax charged at marginal rate
2. ISA changes – now fully flexible, can take out and put back without losing tax free status
3. Help To Buy ISA – for every £200 saved gov will put in £50 more – so £12,000 will get £3000 more from gov – will run for 4 years and you cut put in £1,000 upfront then up to £200 per month – max bonus is £3,000 per person
4. Personal savings allowance from April – first £1,000 per annum tax free

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Andrew Montlake

About Monty

Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008", "Best Press Spokesperson" in 2011 and is the current holder of the British Mortgage Awards “Best Marketeer” title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.