Budget hailed as boost for business, pensioners and savers

Thursday, March 20, 2014
2:34 PM

BUDGET 2014 MEASURES AT A GLANCE

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PERSONAL TAX

:: Personal tax allowance to be raised to £10,500 next year; £800 average savings

:: Higher rate threshold for 40p income tax to rise from £41,450 to £41,865 next month and then by further 1% to £42,285 next year

:: Transferable tax allowance for married couples to rise to £1,050

TAX

:: 15% stamp duty on homes worth more than £500,000 bought through companies

:: Inheritance tax waived for emergency services personnel who “give their lives protecting us”

:: VAT waived on fuel for air ambulances and inshore rescue boats

:: Fuel duty rise planned for September cancelled

PENSIONS AND SAVINGS

:: All tax restrictions on pensioners’ access to pension pots removed and tax on cash removed on retirement cut from 55% to 20%

:: Reform of taxation of defined contribution pensions to help 13 million people from March 27

::: Abolition of 10p starting rate of tax on income from savings

ECONOMY

:: GDP growth forecast to be 2.7% this year, then 2.3%, 2.6%, 2.6% and 2.5% in following years - making UK economy £16 billion bigger than predicted.

:: Deficit revised down to 6.6% this year, and forecast to fall in following years before going into surplus of 0.2% in 2018/19

:: Borrowing expected to be £108 billion this year - £12 billion less than forecast

:: Debt revised down to 74.5% of GDP this year; then predicted to peak at 78.7% in 2015/16 and fall to 74.2% by 2018

JOBS

:: OBR forecasts 1.5 million more jobs over the next five years and earnings to grow faster than inflation

:: Welfare cap set at £119 billion for 2015/16, rising to £127 billion by 2018/19, only state pension and cyclical unemployment benefits excluded

ENERGY

:: £7 billion package to cut energy bills includes £18 per ton cap on carbon price support, saving medium-sized manufacturers £50,000 and families £15 a year

:: Compensation scheme for energy intensive industries extended four years to 2019/20; £1 billion to protect manufacturers from cost of green levies

LEISURE

:: Tobacco duty to rise by 2% above inflation

:: Alcohol duty escalator scrapped

:: Duty on spirits and ordinary cider frozen. Beer duty cut by 1p a pint

:: Duty on fixed-odds betting terminals increased to 25%

:: Bingo duty halved to 10%.

:: 20% tax relief for theatre productions

INVESTMENT

:: £270 million guarantee approved for the Mersey Gateway bridge.

:: Support to build 200,000 homes.

:: Additional £140 million made available for repairs and maintenance to flood defences

BUSINESS

:: Business rate discounts and enhanced capital allowances in enterprise zones extended for three more years

:: Research and development tax credit for loss-making small businesses raised from 11% to 14.5%

:: Annual investment allowance doubled to £500,000 and extended to the end of 2015

7 comments

  • All we need now is an abolition of business rates for football clubs in the championship & all our birthdays have come at once.

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    Tudor Bushe

    Wednesday, March 19, 2014

  • @ B Ungatory - You obviously have not been to Yarmouth recently. Labour controlled council with a town in absolute dire straits. A shadow of its former self. Its getting worse by the month. very soon the only thing that will be in the market place will be the pigeons.

    Report this comment

    BG

    Thursday, March 20, 2014

  • But not for those future apprentices local Conservatives say they focus on. Whilst they pose public sector jobs as apprenticeships, real training centres in engineering such as EAGIT are closing as they fail to find more funding. Gamblers are being catered for, future young apprentices are axed.

    Report this comment

    ingo wagenknecht

    Thursday, March 20, 2014

  • @ B Ungatory - Obviously you do not live in the borough but it was UKIP that split the Tory vote and gifted Labour the council. Labour got in by default and since then its been one disaster after another. We all hope that Ed won`t win the 2015 election or it will be a total disaster for the country. Personally I think Ed will be another Kinnock.

    Report this comment

    BG

    Friday, March 21, 2014

  • I dont doubt there are some good things for business etc. Problem is look at the figures above. Who does it relate to. Probably about 15% of the population.

    Report this comment

    sharky

    Thursday, March 20, 2014

  • Don't feel too down about it B ungatory, Gt. Yarmouth is as mismanaged under the other political party mongers, Just look at what Mick Catle failed to do for his constituency, whether its recycling or stopping the spread of male only secret societies there and their spread in local Government.

    Report this comment

    ingo wagenknecht

    Saturday, March 22, 2014

  • Tudor Bushe eh ? . I wonder if , by any chance , you are related to those other trolls with " comical " sexually suggestive names " Seaman Staines " and Jenny Talia . I also wonder how thick the moderators must be on this forum not to have spotted it .

    Report this comment

    LARSON.E. WHIPSNADE

    Thursday, March 20, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

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