The Chancellor delivered his 2014 Budget today – a budget for makers, doers and savers, 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.
You can read our comprehensive Budget 2014 coverage here.