Some of the key points of the Budget are:
A new Help to Buy ISA will be introduced with the government providing a £50
bonus for every £200 of monthly savings up to a maximum of £3,000 on £12,000
of savings. The aim is to start the scheme from autumn 2015.
In another reform to the ISA regime, investors will be able to withdraw money
from their cash ISAs and replace it in the same tax year without it counting
towards their annual subscription limit. The intention is that this too will be
introduced this autumn.
There will be a cut in the pension lifetime allowance to £1 million from April
2016, together with another set of transitional protection rules.
The personal allowance will increase to £10,800 in 2016/17 and £11,000 in the
The higher rate threshold will rise to £42,700 in 2016/17 and £43,300 in 2017/18,
the first above-inflation increases in the threshold for seven years.
The government proposes to abolish self-employed Class 2 national insurance
contributions some time in the next parliament.
Self-employed farmers will be able to average their profits over five years
instead of just two from April 2016.
Charities will be pleased by the proposed increase in the Gift Aid Small
Donation maximum amount from £5,000 to £8,000 from April 2016.
© Copyright 18 March 2015. All rights reserved. This summary has been prepared very rapidly and is for general
information only. The proposals are in any event subject to amendment before the Finance Act is passed and
may also be subject to change following the General Election. You are recommended to seek competent
professional advice before taking any action on the basis of the contents of this publication.
Pensions and savings
Anti-avoidance & compliance measures 15
National insurance contributions
18 March 2015