Submitted by Sestini & Co
| on Wed, 03/18/2015 - 14:04 | In Uncategorized
An end of parliamentary term Budget is always an interesting one, will the incumbents play safe to avoid upsetting the apple cart or will they pull a few prize rabbits out of the hat to woo the uncertain? And how many cliches will be trotted out and repeated – Northern Powerhouse, anyone?
Among the headlines:
- the personal allowance to rise to £10,800 and £11,000 next, with a £12,000 allowance potentially on the horizon;
- threshold for 40% rate to rise to £43,300 by 2017/18;
- up to £1,000 of savings income tax free with a removal of tax withholding at source on bank accounts;
- pension lifetime allowance down to £1m but will be indexed from 2008;
- flexibility for existing pensioners to access annuities;
- a more flexible ISA and a help-to-buy ISA with a government top-up;
- class 2 NI contributions abolished;
- employer’s national insurance abolished for under-21’s this year and for apprentices next year;
- annual investment allowance to be reset but unlikely to be as low as £25,000;
- much talk of additional measures to tackle tax evasion; and
- lastly but definitely not least: “The Death of the Annual Tax return”….more on what this will mean later, together with an analysis of key points coming out of the draft legislation.
In summary, a few more surprises than we expected here at Sestini & Co, although some had already been leaked in the last couple of days.
If you have any questions about how this budget might impact you, please contact us on 01761 241 861 or at firstname.lastname@example.org.