The Budget 2014
Courtesy of Sage.
We bring you an in depth commentary on this year’s Budget, which can be downloaded here for quick and easy reference.
Please see below for an outline of the stand out changes ahead.
The Budget 2014 Highlights
Income tax basic personal allowance will increase to £10,000 for 2014–15 and to £10,500 for 2015–16, and the threshold above which individuals pay tax at the higher rate of 40% will increase by 1% both tax years.
Introduction of a new transferable tax allowance for married couples and civil partners from April 2015.
New individual savings account from 1 July 2014 with annual subscription limit of £15,000.
Class 2 NICs to be collected through self-assessment from April 2016.
A range of changes to pensions rules will allow greater flexibility for individuals to access their pension savings.
The Seed Enterprise Investment Scheme (SEIS) will be made permanent, as will the capital gains tax relief for reinvesting gains in SEIS shares. For businesses, the annual investment allowance will increase to £500,000 until 31 December 2015.
The package of taxes affecting residential properties held by “non-natural persons” will be extended to properties worth £500,000 or more (down from £2 million).