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Budget 2014 (2): Key points at a glance
by Susie Hughes at 20:29 19/03/14 (Political News)
Here are the general key points of Chancellor George Osborne's Budget.
The point at which people start paying income tax will be raised to 10,500
Threshold for 40p income tax to rise from 41,450 to 41,865 next month and by a further one per cent to 42,285 next year
Inheritance tax waived for members of emergency services
Tax on homes owned through a company to be extended from residential properties worth more than 2 million to those worth more than 500,000
All long-haul flights to carry lower rate of air duty currently charged on flights to US
VAT waived on fuel for air ambulances and inshore rescue boats
Duty on fixed-odds betting terminals increased to 25 per cent
Bingo duty will be halved to 10 per cent

Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of 15,000 from July 1
The 10p tax rate for savers abolished
Cap on Premium Bonds to be lifted from 30,000 to 40,000 in June and 50,000 next year

Overhaul of rules for defined contribution pensions that will see big changes to the tax rules governing them
All tax restrictions on pensioners' access to their pension pots to be removed, ending the requirement to buy an annuity
Taxable part of pension pot taken as cash on retirement to be charged at normal income tax rate, down from 55 per cent
Increase in total pension savings people can take as a lump sum to 30,000
New Pensioner Bond, paying 'market-leading' rates, available from January to over-65s, with possible rates of 2.8 per cent for one-year bond and four per cent for three-year bond - up to 10,000 to be saved in each bond

Welcome news for SMEs with the doubling of the Annual Investment Allowance to 500,000 until the end of 2015
Enhanced (100 per cent) capital allowances for spending on plant and machinery in enterprise zones to be extended to March 2020
The increase in SME repayable tax credit in respect of research and development expenditure from 11% to 14.5% will help small loss making start-ups
Direct lending from Government to UK businesses to promote exports doubled to 3 billion and interest rates on that lending cut by a third

GDP forecast to grow by 2.7 per cent this year and 2.3 per cent next year, then by 2.6 per cent in 2016 and 2017 and by 2.5 per cent in 2018 - Osborne stated that no major advanced economy in the world is growing faster than the UK today
1.5 million more jobs to be created over the next five years


Budget to be capped at 119 billion for 2015-16, rising in line with inflation to 127 billion in 2018-19. The cap includes child benefit, incapacity benefit, winter fuel payment and income support - but does not include state pension and Jobseeker's Allowance.

Fuel and energy
Fuel duty rise planned for September will not happen
7 billion package to cut energy bills predicted to save medium-sized manufacturers 50,000 and families 15 a year

Public borrowing
Deficit forecast to be 6.6 per cent of GDP this year, 5.5 per cent in 2014-15 then falling to 0.8 per cent by 2017-18 with a surplus of 0.2 per cent in 2018-19
Borrowing forecast to be 108 billionn this year and 95 billion next year, leading to a surplus of almost 5 billion in 2018-19
A new charter for budget responsibility to be brought in this autumn
Promises to make permanent 1 billion reduction in government department overspends

Alcohol and tobacco
Beer duty cut by 1p a pint
Duty on spirits and ordinary cider frozen
Tobacco duty to rise by two per cent above inflation

And in the most well-trailed Budget announcement....there will be a new twelve-sided 1 coin in 2017

Help to Buy equity scheme for new-build homes extended to 2020
Support for building of more than 200,000 new homes
270m guarantee for Mersey Gateway bridge
A "new garden city" at Ebbsfleet in Kent
Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4
140m extra for flood defence repairs and maintenance
200m made available to fix potholes

Full coverage Budget issues affecting small businesses and freelancers - and experts reactions to them - will be available in the Political News section of Shout99.

Alerts also available through our Twitter feed.

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Susie Hughes Shout99 2014

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Budget 2014 (2): Key points at... Susie Hughes - 19/03
    Re: Budget 2014 (2): Key point... brianc - 21/03
       John Whiting? Susie Hughes - 21/03
          Re: John Whiting? ability - 21/03
          Re: John Whiting? brianc - 24/03
    Re: Budget 2014 (2): Key point... brianc - 28/03
       Re: Budget 2014 (2): Key point... ThePower - 29/03
          Re: Budget 2014 (2): Key point... ability - 31/03
             Re: Budget 2014 (2): Key point... montyrose - 31/03
                Re: Budget 2014 (2): Key point... asifnnnnnnnnnn - 31/03
                   Re: Budget 2014 (2): Key point... ability - 31/03
                All points noted Susie Hughes - 31/03
                   Re: All points noted brianc - 2/04
                      Re: All points noted asifnnnnnnnnnn - 2/04
                      Re: All points noted ability - 2/04

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