The Chancellor delivered his 2014 Budget today – a budget for makers, doers and savers. Over the next few hours the team at Gabelle will be working their way through the detail so you can have a comprehensive budget summary this evening. In case you missed the main event, here are the highlights:
- Annual Investment Allowance (AIA) doubled to £500,000 and extended to 31 December 2015.
- 10% tax on savings income reduced to 0%.
- Seed Enterprise Investment Scheme (SEIS) – this relief to be made permanent.
- ISA limit – will increase to £15,000 from 1 July 2014.
- Research and Development – the repayable tax credit will increase to 14.5% from 11%.
- Personal allowance – will increase to £10,000 (2014) and £10,500 (2015)
- Abolition of IHT for those working in the emergency services.
- ATED charge and SDLT 15% rate extended to properties over £500,000.
- Class 2 NIC to be brought into the self assessment regime.
- Radical changes to the pension regime.
We look forward to sharing our analysis with you later today.