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.