Budget 2015: The Key Points You Need To Know

Written By Unknown on Kamis, 19 Maret 2015 | 00.11

Chancellor George Osborne has delivered his pre-election budget. Here are the key points.

Taxes

:: Personal tax-free allowance will be increased to £10,800 in April 2016, and to £11,000 in April 2017.

:: Fuel duty increase scheduled for September is cancelled.

:: Class 2 National Insurance contributions for the self-employed to be abolished entirely in the next parliament.

:: Annual tax return to be abolished altogether.

:: Review on the use of deeds of variation to avoid inheritance tax to report by the autumn.

:: "More generous" tax credits for TV and film, expanded support for video games industry and new tax credit for orchestras, and a consultation on tax support for local newspapers.

:: Farmers will be allowed to average their incomes for tax purposes over five years.

Savings

:: A "Help to buy ISA" will be launched for first-time buyers. For every £200 saved for a deposit, the Government will top it up with £50.

:: A personal savings allowance to be launched, taking 95% of Britons out of savings tax altogether.

Pensions

:: Pension pot lifetime allowance to be reduced from £1.25m to £1m from next year.

Jobs

:: National Minimum Wage will rise by 20p an hour to £6.70 from October.

Business

:: Corporation tax to be cut to 20% in two weeks' time.

:: Legislation next week on diverted profits tax aimed at multinationals shifting profits offshore, with policy to take effect at the start of April.

:: Employers' National Insurance contributions for under-21s to be abolished from this April, and for young apprentices from April 2016.

:: Bank levy increased to 0.21%, raising an additional £900m a year.

Alcohol

:: Beer duty to be cut for the third year running, with 1p off the price of a pint. Cider duty to be cut by 2%. Duty on scotch whisky and other spirits to be cut by 2%. Wine duty to be frozen.

Spending and Welfare

:: Trebling in £15m fund for church roof appeals, and extension to £8,000 in automatic gift aid to benefit 6,500 small charities.

:: Charities for British servicemen and women to receive £75m, funded by Libor fines.

:: Up to £600m to clear new spectrum bands for further auctions, improving mobile phone coverage nationwide, including in remote communities.

:: Funding for wifi in public libraries and new national plan for ultra-fast broadband to nearly all homes in the country.

:: New investment in transport and regeneration across London, and funding to address acute housing shortages in the capital.

:: Automotive industry to receive £100m in investment in the race to driverless technology.

:: South West to receive £7bn in transport investment.

:: Eight new enterprise zones across Britain – including Blackpool and Plymouth.

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  1. Gallery: Reactions To The Budget: In Pictures

    Grimaces, grins, laughter and plain bewilderment were on show at Westminster, as MPs' reacted to the last Budget before the May election. Continue through for more images

The Labour frontbench look nonplussed at the Chancellor's speech

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