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Latest Article: UK Budget Summary
Posted by: david on Mar 19, 2014

Economy recovering faster than forecast

Office of Budget Responsibility (OBR) growth forecast for 2014 increased to 2.7% up from 2.4%

The UK is the fastest growing Economy in the World

1.3 million more people are in work now

Deficit forecast 5.5% in 2014_15

Borrowing forecast £95Bn in 2014_15 with predicted surplus of £5Bn by 2018_19#

Business news

Exports – Double the amount available for lending to £3Bn and rates cut by 1/3

Air passenger duty –all long haul travel will have the same rate

Oil and Gas – The Wood report will be adopted

Grants being extended for Apprenticeships

Corporation Tax rates falling to 21%, and 20% into next 2015

NIC Employment allowance for all business of £2,000

Retail units will have a £1,000 reduction in business rates

R&D tax rate increase rising to 14% for loss making companies

SEIS will be a permanent fixture in funding

Social investment tax relief set @ 30%

Films and production will get a 20% tax break

Annual Investment allowance will be extended and increased to £500,000 99.8% of businesses will benefit from not paying tax on initial investment costs

Energy Bill package of £7Bn to help manufacturers reduce bills

Homes and housing

House building is up 23% but more is needed

£500,000 loan to small independent builders to help them build

Help to buy, remains for the rest of the decade.

New homes being built in the South to ease housing problems, 15,000 will be built in Ebsfleet alone

£140 million available for maintenance as a result of floods

£200 million available for local authorities to get roads and services repaired

Personal tax allowance

Rising to £10,000 before tax is paid and the year after £10,500

Higher rate threshold will rise to £41,865

Savings allowances

Single new ISA (cash or shares can be merged) £15,000 new limit from July onwards

Premium bond cap raised to £40,000

Defined Contribution Pensions

Any pension fund will be able to allow drawdown of any amount each year instead of being forced to take an Annuity.

25% Tax free cash will continue and the remaining funds will be taxed at normal marginal tax rates instead of the current 55%

10% initial tax band being abolished

Tax free child care

£2,000 tax allowance for child care in 2015

Tobacco and alcohol duty

2% above inflation rise on cigarettes

Beer duty cut by 1%

Whisky duty frozen

Welfare budget will be capped each year

The cap will be £119Bn for 2015

Compliance and tax avoidance

Registered tax avoidance schemes reduced by 50%

GAAR will take into consideration all avoidance schemes

SDLT – if you buy a property over £500,000 via a company after tonight a tax levy will be 15%

Fuel duty rise

No longer happening this year

Other highlights

A cut to bingo duty from 20% to 10%

Extra money for flood defences

A requirement for banks to refer businesses whose loan applications they reject to alternative lenders

Help for businesses to cut energy bills and fresh tax breaks to boost productivity

A scheme to boost exports

LIBOR fines to be used support Lifeboats



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