We have pleasure in attaching our summary of the key announcements in the Chancellor’s 2015 Budget statement which can be found here. We hope you will find it useful and interesting.
The imminent election formed the backdrop to Budget 2015. Many of the proposals will not take effect until later in 2015/16 or the following tax years. If there is a change of government, some of them won’t survive.
Among the measures to hit the headlines were:
· Help for savers. The new personal savings allowance will be worth up to £200 a year for people with savings income – except for 45% taxpayers. The introduction of a tax relief for peer-to-peer lending losses will please those who are in this rapidly expanding market.
· A special new ISA for investors who are first time home buyers and use their savings to purchase a home. The government will top up their savings by up to £3,000 on savings of up to £12,000.
· Good news and bad news for pensions. The lifetime allowance is to be cut yet again; but people will have the freedom to sell their pension annuities if they wish, though whether the protections for such sellers will be adequate is a moot point.
There was a raft of other measures and the usual crop of anti-tax avoidance proposals.
If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please get in touch with us to discuss them.