Budget 2014 – Comprehensive budget review

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.