Budget Summary 2014 - page 5

page 5
BUDGET
19 MARCH 2014
Tax exemption for employer-funded occupational
health treatments
As previously announced, a tax exemption will be introduced for
amounts up to £500 paid by employers for medical treatments for
employees. The tax exemption is expected to become available in
October 2014.
Taxation of major sporting events
Income and corporation tax relief will be available by secondary
legislation for major sporting events.
Social investment tax relief
Social investment tax relief will be 30% from 6 April 2014. Under
the scheme, eligible organisations will be able to receive up to
344,827 of tax-advantaged investment over three years.
Share incentive plans and save as you earn (SAYE)
From April 2014, the share incentive plans annual limits will
increase to £3,600 a year for free shares and to £1,800 a year for
partnership shares, as previously announced. At the same time, the
maximum monthly amount that an employee can contribute to
SAYE arrangements will increase from £250 to £500.
PENSIONS, SAVINGS AND INVESTMENT
Pension flexibility
From April 2015, individuals will be able to draw down
from a defined contribution (DC) pension after age 55,
subject to their marginal rate of income tax. There
will be no minimum income requirement, as
currently applies under flexible drawdown.
From the same date, all individuals
with DC pension pots will be
offered free and impartial
face-to-face guidance at the
point of retirement. The
proposals are subject to
consultation.
I,1,2,3,4 6,7,8,9,10,11,12,13,14,15,...17
Powered by FlippingBook