2015 Post Budget Round Up

Posted by Jason Chapman in Taxation category on 19 Mar 15


 
Budget

We've outlined some key details and summarised yesterday's Annual Budget, to help you separate the wheat from the chaff.

  • Tax-free personal allowance to rise from £10,600 in 2015-6 to £10,800 in 2016/17 and £11,000 in 2017/18
  • Threshold at which people start paying 40p income tax to rise from £42,385 in 2014/15 to £43,300 in 2017/18
  • A new help to buy cash ISA for first-time buyers with a government bonus of £50 for each £200 saved up to a maximum bonus of £3,000 for £12,000 of savings
  • Cash ISA flexibility will allow savers to withdraw money and put it back later in the year without losing any of their tax-free allowance
  • Lifetime Allowance for pension contributions from £1.25 million to £1 million from 6 April 2016.  This allowance will be linked annually in line with Consumer Price Index from 6 April 2018.
  • An increase to £11,100 for the capital gains tax annual exemption in 2015/16
  • Freedom for the approximately 5 million pensioners who already hold annuities to sell them on the secondary market from April 2016.
The 2015 Budget update was produced by Technical Connection if you require personal advice on how the budget effects you we strongly recommend you seek Independent Financial or Tax Advice.

To read our 2015 Budget Round Up in full open the attached document.

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