Budget 2015 – Key Points – Let’s Save Money

0
5

The last budget before the general election in May has been announced today and we’ve rounded up a few of the key points for money savers here to find out it will impact our finances

George Osboune has announced that public spending cuts will end earlier than planned as a result of strong growth and low inflation

According to the chancellor we are currently experiencing record levels of employment in the UK with the unemployment rate set to drop to 5.3% in 2015. It has also been annouced that the UK economy grew faster than any other advanced economy in 2014, with living standards better than in May 2010 with households better off by an average of £900 in the last five years

Duty on a pint of beer is cut by 1p, cider by 2p, whiskey by 2p. Wine duty is frozen

Tax on gambling and tobacco is also frozen

Fuel duty is frozen

Growth forecast is revised from 2.2% to 2.3% for 2016

Tax free allowance increased to £11,000 from April 2017

ISA limit is increased to £15,240 and a new fully flexible ISA has been announced which means you can withdraw money and put it back in the same tax year without losing any of your tax-free allowance

A new help-to-buy ISA is being created where the Treasury will add £50 to every £200 set aside by a first time buyer saving for a deposit. £50 is paid per month up to a maximum of £3000 per person, so you could get a massive £6000 from the government for free!

Pension pot lifetime allowance to be cut from £1.25m to £1m

The transferrable tax allowance for married couples is set to rise to £1100

£3.1bn expected to be raised from clamping down on tax evasion and avoidance

Good news for businesses as a review of business rates is going to be help

Annual bank levy is to rise to 0.21% bringing in an extra 900m

£25m is to be set aside to help support armed forces veterans

£1.25bn for children’s mental health services

Pensioners to be allowed to sell their annuity for a cash lump sum

Loans of up to £25,000 will be available for postgraduate PHD and masters research students

Last updated: Wednesday, 18 March 2015

SHARE
Previous articleCredit Rating
Next articleAdd to your savings or pay off debt?
Sarah Willingham
Sarah Willingham is a serial entrepreneur, business investor and leading consumer expert. She has received a number of accolades for her contribution to business including The Sunday Times 500 Most Influential People in Britain 2016, The Times 35 Most Successful Women Under 35, Business Weekly’s Young Entrepreneur of the Year, Courvoisier Top 500 and an entry into the Who’s Who of British Business Leaders. She holds three business degrees including an MBA from Cranfield School of Management, where she is also an advisory board member.