In the last Budget of the current coalition government, the Chancellor was in upbeat mood promoting five years of achievements, but despite a raft of tax and national insurance proposals, many rest on the outcome of the May general election. Diane Tan assesses the key tax measures from personal allowances to capital gains tax and entrepreneurs relief, with links to all the technical notices and TIINs for the announcements which are set to come into force in next week's Finance Bill, not to mention a wishlist for the next parliament
Chancellor George Osborne has delivered a Budget for 'an economy taking a step from austerity to prosperity’, presented to a noisy parliament where he was keen to stress the achievements of the last five years of coalition government.
Despite expectations of a cautious pre-election Budget, a few surprise measures were announced including the abolishing of Class 2 National Insurance contributions (NICs) for the self-employed if the Conservatives are re-elected and a new personal savings allowance to remove tax on up to £1,000 of savings income for basic rate taxpayers and up to £500 for higher rate tax payers.
Self-employed farmers will benefit from being able to average their profits for income tax purposes from two to five years. The Chancellor also announced the ‘death of the annual tax return’ which is to be abolished ‘altogether.’
The f
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