Summer Budget 2015

Please click here to see our summary of the key announcements in the 2015 Summer Budget statement. We hope you will find it useful and interesting.

The Budget contained some surprises and major developments, as well as proposals that were widely reported beforehand such as the changes to IHT allowances for property.

Personal taxation and pay featured heavily, with the Chancellor announcing the introduction of a new national living wage for all workers aged 25 and over.

Another area that is the target for significant change is welfare, with child-related tax credits and Universal Credit to be restricted to two children (affecting those born after 6 April 2017).

Other particular points of interest were:

The cost of funding free TV licenses for the over-75s will be transferred from the government to the BBC between 2018 and 2021.

  • The annual household benefit cap will be reduced to £23,000 in London and £20,000 elsewhere.
  • There will be a consultation on changing Sunday trading laws.
  • Subsidies for social housing will be phased out for local authority and housing association tenants in England who earn more than £30,000 (£40,000 in London). Tenants will have to pay up to the market rate.

If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please get in touch and we will be happy to help.


The information regarding taxation is based on our understanding of law, HM Revenue & Customs practice and current legislation, which may be altered and depends on the individual financial circumstances of the investor. The value of investments may fall as well as rise.

Testimonials

My husband and I have been with Highwood for three years. After our previous experiences with financial advisers, it was an enormous relief to find someone who explains everything in language we understand, who sets out the detail of our investments and importantly any charges incurred in a transparent way, and who always responds quickly to any queries we have. We came to Highwood at a time when we had to sort out my mother’s estate and had lots of decisions to make. Michael ‘held our hand’ through the process, and helped to clarify the options we had, and made it all feel much less daunting. We would (and do) highly recommend Highwood.

Mrs Jill Russell

After I sold my business I decided to take a serious look at my Pension Fund that I’d built up over many years and to appoint new financial advisors. Upon the recommendation of David Grunberg of Grunberg & Co, I approached Michael Gould and Highwood. It was important to me to be working with someone that I liked and felt I could get on well with, and Michael ticked those boxes. He appeared to be a man of honesty and integrity and he explained things in an easy to understand and relaxed fashion, and without any complicated technical financial jargon. He still does. I was looking for someone to take over my hard earned pension fund, look after it and invest it well, in order that it would in turn look after me going forward. I also wanted to sleep well at night, knowing it was in safe hands. So, 5 years on and I still sleep well at night, very well in fact. Michael and his team have looked after me extremely well, I’m now drawing down on my pension fund and am pleased to say that, even in this unsettled market, my fund is growing by at least, if not more than I’m taking out, and my capital is still intact.

Peter Nye