Key facts from the budget - further details published shortly!
1. Introducing a new National Living Wage of over £9 an hour by 2020
2. The government will run a surplus in 2019-20
3. The tax-free Personal Allowance will be increased from £10,600 in 2015-16 to £11,000 in April 2016
4. Protecting defence spending
5. Reforming the welfare system to make it more affordable
6. Reforming dividend tax
7. Taking the family home out of Inheritance Tax
8. The amount people with an income of more than £150,000 can pay tax-free into a pension will be reduced
9. The higher rate threshold will increase from £42,385 in 2015-16 to £43,000 in 2016-17
10. Corporation Tax will be cut to 19% in 2017 and 18% in 2020
11. The annual investment allowance will be set at its highest ever permanent level at £200,000
12. The Employment Allowance will increase by a further £1,000 to £3,000
13. The standard rate of Insurance Premium Tax will increase to 9.5%
14. Clamping down on nuisance calls from claims management companies
15. Restricting tax relief for higher-rate landlords
16. Ending permanent non-dom status
17. Reforming the way banks are taxed
18. 3 million new apprenticeships
19. £30 million of funding for Transport for the North
20. 30 hours of free childcare for 3 and 4 year olds
21. Student maintenance grants will be replaced with loans
22. Road tax will be reformed and the money raised spent on the road network
23. Public sector pay will increase by 1%
24. Making sure individuals and businesses pay what they owe
Please contact Levicks via http://www.levicksaccountants.co.uk/contact-us for advice
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