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What did the budget do for you?

01 April 2014

Taxation

Point at which people start paying income tax will be raised to £10,500 from April 2015

Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year

Inheritance tax waived for members of emergency services who give their lives in job

Tax on homes owned through a company to be extended from residential properties worth more than £2m 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

Savings

Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July

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

Pensions

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%

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% for one-year bond and 4% for three-year bond - up to £10,000 to be saved in each bond

Alcohol, tobacco and gambling

Beer duty cut by 1p a pint

Duty on spirits and ordinary cider frozen

Tobacco duty to rise by 2% above inflation and this escalator to be extended beyond the next general election

Bingo duty will be halved to 10%

Duty on fixed-odds betting terminals increased to 25%

Energy and fuel

Fuel duty rise planned for September will not happen

£7bn package to cut energy bills, including £18 per ton cap on carbon price support, predicted to save medium-sized manufacturers £50,000 and families £15 a year

Source: BBC

 
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