Budget OBR forecast for growth in %, up from +2.4% in the Autumn Statement, and the biggest revision between Budgets for 3 years.
|
|
- Sydney Grant McCoy
- 5 years ago
- Views:
Transcription
1 Budget 2014 Preamble There was little in today s budget that impacted directly on the education and skills or workforce agendas beyond the now traditional raising of investment levels in apprenticeships. That said, there were some interesting measures introduced that have been designed to stimulate business and manufacturing and the announcements for the Energy sector may chime with the ambitions of some of EU Skills key members. The sector s employers may have found this helpful. Overview In a Budget aimed squarely at what he branded the "doers, makers and savers", Chancellor George Osborne announced that while Britain s economy is recovering, there is a lot of work to do. Commentators had anticipated that Mr Osborne might well pull a rabbit out of the hat and with surprise announcements on pensions and savings he attempted not to disappoint. Other measures likely to catch attention were the introduction of a new welfare cap set at 119bn, as well as an increase in the personal tax allowance to 10,500. This followed the unveiling of a new 1 coin which was leaked yesterday. As you would expect, politics was woven throughout with several announcements and comments aimed at boosting support for the 'Better Together' campaign ahead of Scotland's referendum, not least a freeze on Scotch Whiskey duty. The Chancellor was also keen to reach out to his Party with name-checks for nine Conservative backbenchers: Robert Halfon and Peter Aldous on bingo duty, Andrew Griffiths on beer duty, David Mowat on Survivors for Peace funding, David Mundell on Lockerbie scholarships to study in US, Gareth Johnson and Adam Holloway on house building and garden cities, Graham Evans on the Mersey Gateway bridge and Michael Ellis on his campaign for funding to repair potholes. The Key Elements Economic forecast: OBR forecast for growth in %, up from +2.4% in the Autumn Statement, and the biggest revision between Budgets for 3 years. Example footer January 2014 EU Skills Group Page 1 of 5
2 OBR predicts that 2014 will see economy grow to become bigger than it was before the reception. The economy is growing faster than Germany, Japan and the USA. OBR warns that external factors including an escalation in the Ukraine or instability in emerging economies could damage growth meaning it remains important to build a resilient economy. Unemployment is down to 5% and for the first time in 35 years, the UK has a higher employment rate than the US. Debt: Borrowing is expected to be 108bn in Debt will peak at 78% in and the OBR have revised down the deficit down by 6.6% to 108bn. A surplus of 5bn is predicted for , up from the 2.2bn predicted in the Autumn Statement. Economic measures The Bank of England has been asked to be particularly vigilant about the dangers of a bubble in the housing market. A new 1 coin will be introduced, which will be more secure and less susceptible to fraud. Cuts will continue into the next Parliament, with MPs asked to vote on a Charter of Budget Responsibility. Departmental expenditure Pay restraint in the public sector will continue. The 1bn departmental underspend will be made permanent. A welfare cap of 119bn in will be set, rising to 127bn in to be voted on by MPs next week. 0.7% of GDP will continue to be directed to foreign aid. Taxation The basic rate tax allowance will rise to 10,500, 800 less in tax for the typical taxpayer. The higher rate threshold will rise to 41,865, and will increase by 1% next year. The married couples allowance will rise in line with basic rate allowance. Those signed up to tax avoidance schemes will be required to pay their taxes up front. The OBR confirms this will bring forward 4bn. Example footer January 2014 EU Skills Group Page 2 of 5
3 HMRC s budget to tackle tax evaders will be increased and they will be given additional powers. These will include the ability to collect money from bank accounts and a new unit targeted at migrants claiming benefits they are not entitled too. Stamp duty on residential properties will be extended from those worth 2m to 500,000 and will be imposed at a rate of 15% on residential property over 500,000 purchased through a corporate envelope. VAT on fuel waived for air ambulances and a new air ambulance will be provided for London. Savings and pensions The 10% rate on savings will be abolished. A new single ISA will replace the separate stocks and shares and cash ISAs, and the annual ISA limit will be increased to 15,000, while the Junior ISA limit will go up to 4,000. A new Pensioner Bond will be made available. The rate will be set in the Autumn Statement, but is expected to be market leading. The cap on Premium Bonds will be increased from 30,000 to 40,000 this June, and 50,000 next year. Greater flexibility will be introduced around pensions drawdown the income requirement will be reduced from 20,000 to 12,000 and the 55% punitive rate will be replaced by normal marginal rates. A new guarantee will be introduced so that all those retiring on defined contribution schemes have access to impartial financial advice. Changes to the tax regime on pensions and savings will require a separate Act of Parliament, which will be introduced by next April. Enterprise Annual Investment Allowance to be extended to 2015 and doubled to 500,000, meaning 98.8% of businesses will pay no upfront tax on investment. Corporation tax will reach 20% next year. Under 21s will be taken out of employee national insurance. Business rates discounts and enhanced capital alliances for enterprise zones will be extended for three years. A social investment tax relief at a rate of 30% will be introduced. In the arts, there will be a 20% tax relief for qualifying productions and regional touring. Infrastructure Approval has been granted for the Mersey-Gateway Bridge. Example footer January 2014 EU Skills Group Page 3 of 5
4 Legislation will be introduced to give new powers to Welsh Government to fund their infrastructure needs, including the M4. There will be 140m in additional funding for flood defences across Britain. 200m will be made available for local authorities for repairing potholes. Exports 3bn to be made available in export finance, with interest rates on lending to be cut by a third. Air passenger duty will be reformed duty on all long-haul flights will be cut to match duty on flights to the US and private flights will now be subject to the duty. Start-up finance will be provided for new routes, particularly from regional airports. Energy Recommendations from the Wood Report will be taken forward. A 7bn package will be introduced to cut energy bills for manufacturers. The carbon price support rate will be cut from 2016/17 for the rest of the decade The compensation scheme for energy intensive industries will be extended, aimed at encouraging companies to stay in the UK. A new compensation, worth almost 1bn, will be introduced designed to protect energyintensive firms from green levies. Osborne says half the firms that will benefit most are in the north of England. A third are in Scotland or Wales. Education and skills Grants will be available for 100,000 more apprenticeships and graduate-level apprenticeships will be developed. New science centres will be developed. An Alan Turing Institute to be founded to ensure Britain leads the way in using big data and algorithm research. Housing and planning Proposals will allow for the building of 200,000 new homes for families. There will be further reforms to the planning system and additional funding for house builders. The Help to Buy scheme will be extended for the rest of the decade, facilitating the building of 120,000 homes. Example footer January 2014 EU Skills Group Page 4 of 5
5 New homes will be built in Barking Riverside, Brent Cross and a new garden city built at Ebbsfleet. Duties The fuel duty rise planned for September will not take place. The duty on fixed odds betting terminals will be increased. Bingo duty will be halved to 10% to protect jobs etc. Escalator for alcohol duties has been scrapped and will rise with inflation. Duties for Scotch Whiskey and West Country ciders will be frozen and duty for beer decreased by 1%. Tobacco duty due to continue to rise by 2% above inflation. Example footer January 2014 EU Skills Group Page 5 of 5
A GUIDE TO. Budget FINANCIAL GUIDE. planning impacts
FINANCIAL GUIDE A GUIDE TO Budget 2014 the key financial planning impacts Budget 2014: The key announcements at a glance The Chancellor of the Exchequer George Osborne gave his Budget to Parliament on
More informationBUDGET 2014 BUDGET 2014
BUDGET 2014 Welcome In our Guide to Budget 2014, we look at the key measures announced in the Chancellor of the Exchequer George Osborne s fifth Budget speech, in which he unveiled plans to support economic
More informationBUDGET 2014 OVERVIEW
BUDGET 2014 OVERVIEW A Budget for makers, doers and savers. Introduction A year on from the Budget 2013 and the outlook for UK plc looks considerably brighter. Growth has returned since last year and the
More informationBriefing for Members. Budget: March 2016
Briefing for Members Budget: March 2016 1. Headlines Growth forecast cut for the next five years and 3.5bn in extra public spending cuts by 2020 Upgrading of the A66 and A69 routes in the North East A
More informationBudget 2014: What does it mean for housing?
Budget 2014: What does it mean for housing? 0 Federation response 1 Key housing announcements Help to Buy: equity loan scheme will be extended to March 2020 to help a further 120,000 households to buy
More informationAUTUMN STATEMENT 2013
AUTUMN STATEMENT 2013 Wells Associates 10 Lonsdale Gardens Tunbridge Wells TN1 1NU info@wellsassociates.com 01892 507 280 www.wellsassociates.com 01 // Autumn Statement 2013 EXECUTIVE SUMMARY Delivering
More informationTHE AUTUMN STATEMENT. Autumn Statement THE KEY ANNOUNCEMENTS AT-A-GLANCE
THE AUTUMN STATEMENT Autumn Statement 2015 THE KEY ANNOUNCEMENTS AT-A-GLANCE 02 SPENDING REVIEW AND AUTUMN STATEMENT 2015 WELCOME 09 Spending Review and Autumn Statement 2015 Presented by Chancellor George
More informationBUDGET 2016 GUIDE TO THE SUMMARY AND HIGHLIGHTS: EVERYTHING YOU NEED TO KNOW
GUIDE TO THE BUDGET 2016 FINANCIAL GUIDE SUMMARY AND HIGHLIGHTS: EVERYTHING YOU NEED TO KNOW Alexander House Financial Services 3 More London Riverside, London, SE1 2RE Head Office: 0203 283 4543 Customer
More informationGUIDE TO AUTUMN BUDGET 2018 THE KEY ANNOUNCEMENTS FOR INDIVIDUALS, BUSINESSES AND EMPLOYERS. Helping you make informed decisions
GUIDE TO AUTUMN BUDGET 2018 THE KEY ANNOUNCEMENTS FOR INDIVIDUALS, BUSINESSES AND EMPLOYERS Helping you make informed decisions From a tax perspective, there is a short-term tax giveaway for the next couple
More informationTHE SPENDING REVIEW AND AUTUMN STATEMENT
THE AUTUMN STATEMENT GUIDE TO THE SPENDING REVIEW AND AUTUMN STATEMENT 2015 GOVERNMENT SPENDING OVER THE NEXT FOUR YEARS AND PLANS FOR THE ECONOMY 02 SPENDING REVIEW AND AUTUMN STATEMENT 2015 WELCOME 09
More informationPOLICY BRIEFING. ! Institute for Fiscal Studies 2015 Green Budget
Institute for Fiscal Studies 2015 Green Budget 1 March 2015 Mark Upton, LGIU Associate Summary This briefing is a summary of the key relevant themes in the Institute of Fiscal Studies 2015 Green Budget
More informationBUDGET REPORT. Sanders Geeson 19 King Street The Civic Quarter Wakefield WF1 2SQ
BUDGET REPORT 2014 Sanders Geeson 19 King Street The Civic Quarter Wakefield WF1 2SQ jan@sandersgeeson.co.uk 01924 254 802 www.sandersgeeson.co.uk 01 // Budget Report 2014 INTRODUCTION The economic backdrop
More informationBUDGET 2016 GUIDE TO THE SUMMARY AND HIGHLIGHTS: EVERYTHING YOU NEED TO KNOW FINANCIAL GUIDE
FINANCIAL GUIDE GUIDE TO THE BUDGET 2016 SUMMARY AND HIGHLIGHTS: EVERYTHING YOU NEED TO KNOW Tax and savings were central to Mr Osborne s 62-minute speech, his eighth Budget speech on Wednesday 16 March.
More informationThe Autumn Budget and Charities. Ltd. Adviser Winter 2018/19. In this issue:
Money@IFA Ltd Adviser Winter 2018/19 The Autumn Budget and Charities Gift Aid Small Donations Scheme raised the donation limit from 20 to 30 In this issue: Giving to charities just got easier Pensions
More information2016 AUTUMN STATEMENT
2016 AUTUMN STATEMENT Highlights l Salary sacrifice schemes The tax and NIC advantages of most salary sacrifice schemes will be removed from April 2017 as previously proposed, but there will be some transitional
More informationNovember 2018 Budget. Overview. Economic Overview. 30 October 2018
30 October 2018 November 2018 Budget Overview Chancellor Philip Hammond delivered his final Budget before the UK is due to leave the EU and ahead of the 2019 Comprehensive Spending Review with a positive
More informationClick here to visit our website. Newsletter
Page 1 of 6 From: The BCS Partnership Ltd Sent:30 October 2018 Subject: The BCS Partnership Ltd Newsletter Click here to visit our website Newsletter Tuesday, 30 October 2018 Welcome to our newsletter,
More informationBUDGET REPORT. Pierce Mentor House Ainsworth Street Blackburn Lancashire BB1 6AY
BUDGET REPORT 2015 Pierce Mentor House Ainsworth Street Blackburn Lancashire BB1 6AY m.duggan@pierce.co.uk 01254 688100 www.pierce.co.uk 1 // Budget Report 2015 INTRODUCTION Chancellor George Osborne used
More informationAutumn Budget Summary of the Facts
Autumn Summary of the Facts 1 Contents Commentary 3 Business Taxes 4 Income Taxes 5 VAT 6 Stamp Duty Land Tax (SDLT) 6 Charities 6 Anti-Avoidance 7 Excise Duties 7 2 Commentary Autumn Chancellor Philip
More informationimpact of the Autumn Statement
Fiscal impact of the Autumn Statement. Chapter explains how the measures announced in the Autumn Statement advance the Government s long-term goals. This chapter presents a summary of how these measures
More informationOn Wednesday, 8th July, the Chancellor, George Osborne, delivered the first Conservative-
On Wednesday, 8 th July, the Chancellor, George Osborne, delivered the first Conservativeonly Budget in nearly 20 years, hailing it as a big Budget for a country with big ambitions. Introduction Delivering
More informationProsperity Wealth Creation LLP
Prosperity Wealth Creation LLP Autumn Budget 2017 House Building a number one priority building new homes and sustained improvement in housing affordability to tackle the housing crisis Stamp Duty for
More informationBUDGET 2015 PETER HUGHES CHARTERED ACCOUNTANT
This newsletter outlines the principal measures announced in the Budget on 18 March 2015. Personal tax As announced in the Autumn Statement, the personal allowance for 2015/16 will be 10,600, up from 10,000
More informationThe Autumn Statement. Implications for Scotland. November: 2016
The Autumn Statement Implications for Scotland November: 2016 Autumn Statement 2016: why the excitement? UK fiscal policy dominated by George Osborne s 2019/20 fiscal surplus target Brexit vote and downward
More information#AS2016 Real Estate & Construction Update
Autumn statement 2016 Page 1 of 7 Chancellor Philip Hammond MP delivered his first and last Autumn Statement today on Wednesday 23 rd November 2016. E³ Consulting highlights the initial key Property &
More informationWhat next after the general election?
Tax Services What next after the general election? In the ten days since they won a majority in the House of Commons, the Conservative party has both confirmed the make-up of the new Government with its
More informationNovember 2017 Budget. Overview. Economic Overview. 22 November 2017
22 November 2017 November 2017 Budget Overview This was the first Autumn Budget, following Philip Hammond s announcement that he was changing both the timing and the frequency of the Government s fiscal
More informationGarratts. Chartered Accountants. 29 Waterloo Road, Wolverhampton WV1 4DJ Tel: (01902)
Garratts Chartered Accountants 29 Waterloo Road, Wolverhampton WV1 4DJ Tel: (01902) 773658 E-mail: mail@garratt.co.uk Associated Practices: Garratts Corporate Finance Ltd THE BUDGET 2014 Budget 2014 1
More informationThe first major economic statement since the EU referendum focused on measures to "prepare our economy to be resilient as we exit the EU".
Autumn Statement 2016 Introduction The first major economic statement since the EU referendum focused on measures to "prepare our economy to be resilient as we exit the EU". Unsurprisingly, the Office
More informationOne step forward, two steps back: The number of tax changes since May 2010
Research Note 124 29 January 2013 One step forward, two steps back: The number of tax changes since May 2010 For the first time, the TaxPayers Alliance can reveal the number of different tax-raising and
More informationAutumn Budget Summary of the Facts
Summary of the Facts 1 Contents Commentary Commentary 3 Income Taxes 4 Business Tax 5 Exise Duties 5 VAT 6 Stamp Duty Land Tax 6 Other Annoucements 6 Anti-Avoidance 7 Chancellor Philip Hammond presented
More informationUK Government Budget 2018
UK Government Budget 2018 October 2018 On 29 th October 2018, Chancellor of the Exchequer Phillip Hammond MP delivered his final scheduled budget ahead of the United Kingdom leaving the European Union.
More informationDavid Grey & Co Spring Budget. 177 Temple Chambers Temple Avenue London EC4Y 0DB T: F: E:
David Grey & Co. CHARTERED ACCOUNTANTS 2017 Spring Budget 177 Temple Chambers Temple Avenue London EC4Y 0DB T: 020 7353 3563 F: 020 7353 3564 E: post@davidgreyco.com BUDGET HIGHLIGHTS n A reduction in
More informationAutumn 2017 Budget: Options for easing the squeeze
Autumn 2017 Budget: Options for easing the squeeze Carl Emmerson and Thomas Pope Presentation at the Institute of Chartered Accountants in England and Wales London, 30 th October 2017 The March Budget
More information2015 Autumn Statement
David Grey & Co. CHARTERED ACCOUNTANTS 2015 Autumn Statement 177 Temple Chambers Temple Avenue London EC4Y 0DB T: 020 7353 3563 F: 020 7353 3564 E: post@davidgreyco.com Highlights In the first combined
More informationTHE ANDREW MARR SHOW INTERVIEW: GEORGE OSBORNE, MP CHANCELLOR OF THE EXCHEQUER NOVEMBER 30 th 2014
PLEASE NOTE THE ANDREW MARR SHOW MUST BE CREDITED IF ANY PART OF THIS TRANSCRIPT IS USED THE ANDREW MARR SHOW INTERVIEW: GEORGE OSBORNE, MP CHANCELLOR OF THE EXCHEQUER NOVEMBER 30 th 2014 Now what is it
More informationA new Lifetime ISA will be available for under-40s from For every 4,000 put in, the Government will top up 1,000.
16 March 2016 Budget 2016 Summary Although Chancellor George Osborne s Budget did not include as many rabbits as we have become accustomed to, there was still plenty of interest for people to digest. This
More informationBREXIT BUDGET. 30 billion of tax rises and spending cuts
BREXIT BUDGET 30 billion of tax rises and spending cuts Executive Summary There is a consensus among economists that leaving the EU would damage Britain s economy, both in the short and long term. The
More information01753 551111 www.ouryclark.com contact@ouryclark.com 1 Spring Budget 2017 INTRODUCTION Chancellor Philip Hammond described his irst and last Spring Budget as one that takes forward our plan to prepare
More informationA Policy measures announced since November
A Policy measures announced since November Overview A.1 Our Economic and fiscal outlook (EFO) forecasts incorporate the expected impact of the policy decisions announced in each Budget or other fiscal
More informationBUDGET A GUIDE TO THE THE KEY ANNOUNCEMENTS THAT COULD INFLUENCE YOUR FINANCIAL PLANNING DECISIONS IN THE YEAR AHEAD AND BEYOND FINANCIAL GUIDE
A GUIDE TO THE BUDGET FINANCIAL GUIDE 2015 THE KEY ANNOUNCEMENTS THAT COULD INFLUENCE YOUR FINANCIAL PLANNING DECISIONS IN THE YEAR AHEAD AND BEYOND Welcome IN HIS FINAL BUDGET before May s general election,
More informationFocus on development, infrastructure and transport. Autumn Budget Author: Callum Warren
Focus on development, infrastructure and transport Autumn Budget 2018 Author: Callum Warren 1 Researched and written by Murray Stewart and Callum Warren (TFA) Published by TFA @TfAengagement LinkedIn:
More informationGovernment and Public Sector
Government and Public Sector Budget 2016 Digest Government and Public Sector Budget 2016 Digest 1 Economic story The background for the economic forecast is a slowing world economy. 2 The Chancellor talked
More informationAUTUMN STATEMENT 2016
FINANCIAL GUIDE GUIDE TO THE STATEMENT 2016 SUMMARY AND HIGHLIGHTS: EVERYTHING YOU NEED TO KNOW MAC Financial 1 The Grain Store, 70 Weston Street, London, SE1 3QH Tel: 0207 234 0789 Web: www.macfinancial.co.uk
More informationThe Autumn Budget 2017
The Autumn Budget 2017 The Chancellor s latest Autumn budget does well in recognising that young people, families and businesses need help. With support proposed for first time buyers and better jobs contributing
More informationAutumn Statement. Autumn Statement. 23 November Michelle Malone Tax Director
Autumn Statement Autumn Statement 23 November 2016 Michelle Malone Tax Director Rowan Court, Concord Business Park, Manchester, M22 0RR, United Kingdom Phone: +44 (0) 161 493 1930 Fax: +44 (0) 161 493
More informationSpring Statement March 2018
Spring Statement March 2018 First Spring Statement heralds the light at the end of the tunnel Chancellor Philip Hammond has presented his first Spring Statement, with something of a spring in his step.
More informationIntroductory remarks. Paul Johnson 4/12/14. Some of yesterday s biggest announcements were not from the Chancellor
Introductory remarks Paul Johnson 4/12/14 Some of yesterday s biggest announcements were not from the Chancellor at all, they were from the independent Office for Budget Responsibility. Robert Chote and
More informationAutumn Budget 2017: The Budget, in full
www.ukbudget.com 22 November 2017 Autumn Budget 2017: The Budget, in full Contents Introduction 1 Tackling tax avoidance, evasion and non-compliance 2 Real estate 2.1 UK real estate 2.2 CGT payment deadline
More informationEnding austerity? July 2017
Ending austerity? July 2017 Ending austerity: can the government change course? Britain is seven years into a prolonged period of fiscal consolidation, in which constraints on public spending have been
More informationPOLICY BRIEFING. The Chancellor of the Exchequer, George Osborne, will deliver his 2014 Budget on 19 March 2014.
Budget - speculation Date: 13 March 2014 Mark Upton, LGIU Associate Summary The Chancellor of the Exchequer, George Osborne, will deliver his 2014 Budget on 19 March 2014. This briefing provides a preview
More informationMCBRIDES CHARTERED ACCOUNTANTS FOR ELECTRONIC USE ONLY. T F E W mcbridesllp.com
MCBRIDES CHARTERED ACCOUNTANTS B U D G E T 2 0 1 6 McBrides Nexus House 2 Cray Road, Sidcup Kent DA14 5DA T 020 8309 0011 F 020 8309 7879 E info@mcbridesllp.com W mcbridesllp.com Budget 2016 1 Budget Report
More informationAutumn Budget Our guide to the main changes to tax rates and allowances for individuals, companies and trustees
Autumn Budget 2018 Our guide to the main changes to tax rates and allowances for individuals, companies and trustees Autumn Budget 2018 1 About us Autumn Budget 2018 Sanlam UK is a leading provider of
More informationbudget 2014 repared by connect intelligence march
prepared by connect intelligence march 2014 1 This year s Budget is the last opportunity for the Chancellor, George Osborne, to attempt to deliver significant changes designed to have a positive impact
More informationThe end of austerity? Ben Zaranko
Ben Zaranko Public services spending: what did we learn? In March the Chancellor announced he would set a firm overall path for public spending beyond 2020 in the Budget Mr Hammond instead chose not to
More informationSPRING STATEMENT 2018
DSG CHARTERED ACCOUNTANTS SPRING STATEMENT 2018 CONTACT Address DSG Chartered Accountants Castle Chambers 43 Castle Street Liverpool L2 9TL Phone & Online Phone: 0151 243 1200 Email: liverpool@dsg.uk.com
More informationFixing the budget to fit the figures?
Fixing the budget to fit the figures? Gemma Tetlow IFS hosts two ESRC Research Centres Cutting the deficit? 180 billion 160 140 120 100 80 60 40 20 0 Budget March 2010 Autumn Statement 2010 Autumn Statement
More informationYouGov / Sun post-budget survey Fieldwork: June 22-23, sample 1,641
YouGov / Sun post-budget survey Fieldwork: June 22-23, sample 1,641 Headline Voting Intention Do you approve or disapprove of the Government's record to date? June 20-21 June 22-23 % % Con 41 42 Lab 33
More informationAUTUMN BUDGET November The Budget. chartered accountants & tax advisers
chartered accountants & tax advisers AUTUMN BUDGET 2017 November 2017 - The Budget The Chancellor Philip Hammond delivered his second Budget earlier this afternoon, in uncertain, pre-brexit times. Delayed
More informationElection 2017: Labour Manifesto
Election 2017: Labour Manifesto Overview: Labour officially released their manifesto on Tuesday morning (16.5.17). Titled For the Many not the Few the foreword to the manifesto claimed that Many feel the
More informationA Guide to BUDGET. Reforming the nation s economy, so that we have enduring growth and jobs in the future. - Chancellor George Osborne
A Guide to BUDGET 2011 Reforming the nation s economy, so that we have enduring growth and jobs in the future - Chancellor George Osborne 02 A Guide to Budget 2011 A Guide to Budget 2011 Welcome to A Guide
More informationSPRING STATEMENT 2018
SPRING STATEMENT 2018 ECONOMIC FORECASTS FROM THE OFFICE FOR BUDGET RESPONSIBILITY AND WHAT THEY MEAN TO YOU, YOUR FAMILY AND YOUR BUSINESS. The Financial Conduct Authority does not regulate tax advice
More informationCorporate & Commercial. The National Living Wage Autumn 2015
Corporate & Commercial The National Living Wage Autumn 2015 The national living wage In the 2015 summer budget, the Chancellor announced that a national living wage (NLW) will be introduced from April
More informationProtection & Investment Ltd
istockphoto.com/frank Rotthaus Spring 2012 Protection & Investment Ltd Independent Financial Advisers In this issue: The tax year-end approaches The pensions revolution continues Investing for growth Autumn
More informationUK SUMMER BUDGET July 2015
UK SUMMER BUDGET 2015 8 July 2015 The Chancellor, George Osborne released his first all-conservative Government Budget since 1997 on Wednesday, 8 July 2015. The Chancellor described this Budget as focusing
More informationProtection & Investment Ltd
Spring 2013 Protection & Investment Ltd Independent Financial Advisers photodisc/jason Reed In this issue: Tax saving ahead of the tax year-end The Chancellor s tax surprises Time to go east? Inflation:
More informationCalling Time on the Alcohol Duty Escalator. Budget Submission 2014 The Scotch Whisky Association
Calling Time on the Alcohol Duty Escalator Budget Submission 2014 The Scotch Whisky Association Executive Summary Scotch Whisky in the UK is under sustained pressure from annual above inflation excise
More informationTAX FACTS 2018/2019. Tax is complicated, so you need the facts
TAX FACTS 2018/2019 Tax is complicated, so you need the facts INCOME TAX RATES Non-savings, non-dividend income England, Wales, NI 2017/18 Band 2018/19 Band Basic rate: 20% 0 33,500 Basic rate: 20% 0 34,500
More informationBusiness and energy policies
Business and energy policies Helen Miller IFS hosts two ESRC Research Centres. Range of measures aimed at business Extension of business rate discounts and enhanced capital allowances for enterprise zones
More information01732 838877 www.hildenparkaccountants.co.uk info@hildenparkaccountants.co.uk IMPORTANT INFORMATION The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances
More informationTrick or treat? The Chancellor calls the 2018 Budget for late October
Trick or treat? The Chancellor calls the 2018 Budget for late October The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation and proposals. Mr Hammond, however, has indicated
More informationWorking towards a stronger, fairer and better Britain
Budget Edition 2017 Talking Tax Business and personal tax planning PRECISE. PROVEN. PERFORMANCE. Working towards a stronger, fairer and better Britain The Office for Budget Responsibility s forecast of
More informationBUDGET HIGHLIGHTS. The pension lifetime allowance will increase to million for 2019/20, with no change to the annual allowances.
2018 Budget BUDGET HIGHLIGHTS The personal allowance will be raised to 12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to 50,000,
More informationDavid Grey & Co Autumn Budget. 177 Temple Chambers Temple Avenue London EC4Y 0DB T: F: E:
David Grey & Co. CHARTERED ACCOUNTANTS 2017 Autumn Budget 177 Temple Chambers Temple Avenue London EC4Y 0DB T: 020 7353 3563 F: 020 7353 3564 E: post@davidgreyco.com BUDGET HIGHLIGHTS n First time buyers
More informationUK BUDGET March 2016
UK BUDGET 2016 16 March 2016 The Chancellor, George Osborne released his second all-conservative Government Budget on Wednesday, 16 March 2016. This is our third UK budget within a timeframe of 12 months.
More informationThe Summer budget: Taxes up, borrowing up, departmental spending up
The Summer budget: Taxes up, borrowing up, departmental spending up Rowena Crawford Changes in borrowing forecasts since March Public sector net borrowing, billion 2014 15 2015 16 2016 17 2017 18 2018
More informationMaitland Political Insight: Autumn Statement 2014
` Maitland Political Insight: Autumn Statement 2014 The key points from the Autumn Statement ECONOMIC FIGURES Borrowing set to fall from 97.5bn in 2013-14 to 91.3bn in 2014-15, projected to reach surplus
More information10 Ways to Kick-start the Economy
10 Ways to Kick-start the Economy 10 Ways to Kick-start the Economy The UK economy faces a very real risk of a double-dip recession. Recent events in the eurozone are set to cause acute problems for the
More informationBudget 2011: A case of tunnel vision
briefing Budget 2011: A case of tunnel vision Tony Dolphin March 2011 ippr 2011 Institute for Public Policy Research Challenging ideas Changing policy About ippr The Institute for Public Policy Research
More informationIFS Post-Budget Briefing 2015
Paul Johnson s opening remarks March 19 2015 There was only one eye-catching change to the fiscal numbers in yesterday s Budget, one that occurs five years out in 2019-20. Instead of allowing public spending
More informationGovernment tax, spending and debt a decade on from the financial crisis
a decade on from the financial crisis Carl Emmerson Presentation to A level students, London, 26 November 2018 http://www.ifs.org.uk/ http://twitter.com/theifs What happened? Financial crisis hits in 2008
More informationKEY TAX POINTS FROM TODAY S BUDGET
KEY TAX POINTS FROM TODAY S BUDGET Fiscal Phil sets off in a driverless car to revolutionise the future for Global Britain post Brexit. He wants a new tech business to open every half hour as opposed to
More information1. Local infrastructure & charity a summary of relevant points
Autumn Budget 2017 1. Local infrastructure & charity a summary of relevant points Yesterday s Budget largely ignored local infrastructure and charities, containing little that is directly relevant to the
More information6th April 2014 to 5th April Employers - All Rates and threasholds 31, ,000. Above 150,000 31, ,000.
V.G. Woodhouse & Co. Chartered Certified Accountants Budget tax rates 2015; budget 18th March 2015 in Ealing in Hayes Following the Chancellor, George Osborne's, Summer 2014/15 Budget 2015/16 on 8th July
More informationAutumn Budget kpmg.com/uk/budget2018. October 2018
Autumn Budget 2018 kpmg.com/uk/budget2018 October 2018 With you today Melissa Geiger Yael Selfin Sarah Churton Harinder Soor Head of International Tax and Tax Policy Chief Economist Partner, International
More information2015 General Election Manifesto. icaew.com2
2015 General Election Manifesto BUSINESS icaew.com WITH CONFIDENCE icaew.com2 Foreword Ahead of the 2015 General Election, Britain faces a choice. We can accept short-term growth with underlying structural
More informationLast year the government took 24,781. in tax for every household in the UK
Last year the government took 24,781 in tax for every household in the UK TAX FACTBOOK The TaxPayers Alliance 55 Tufton Street, London SW1P 3QL +44 (0)20 7998 1450 07795 084 113 (24-hour media enquiries)
More informationSpring Statement 2018: The lost decade
Thomas Pope Wednesday 14 th March 2018 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2007 08 =100 Very small improvement in the growth forecast yesterday 120 118 116 114 112 110 108 106
More informationTaxation in the UK. James Browne. Senior Research Economist Institute for Fiscal Studies
Taxation in the UK James Browne Senior Research Economist Institute for Fiscal Studies Outline Overview of the UK tax system in historical, international and theoretical contexts: 1. Level and composition
More informationEconomic aspects of Scottish independence: public spending and revenue
Economic aspects of Scottish independence: public spending and revenue Standard Note: SN/EP/6625 Last updated: 24 January 2014 Author: Section Dominic Webb Economic Policy and Statistics Section Much of
More informationBUDGET 2012 A PUBLIC POLICY ASSESSMENT BY ICAEW BUSINESS WITH CONFIDENCE
BUDGET 2012 A PUBLIC POLICY ASSESSMENT BY ICAEW Halfway through the first Coalition Government since 1945, this was the Chancellor s third Budget towards his aim of deficit reduction, growth and a private
More information1 Executive summary. Overview
1 Executive summary Overview 1.1 In the first combined Spending Review and Autumn Statement since 2007, the Government has taken advantage of an improvement in the outlook for tax receipts concentrated
More informationCHARTERED ACCOUNTANTS AND CHARTERED TAX ADVISERS. Tax Facts. Autumn Budget 2018
CHARTERED ACCOUNTANTS AND CHARTERED TAX ADVISERS Tax Facts Autumn Budget 2018 Audit / Tax / Advisory / Risk Smart decisions. Lasting value. Income tax and allowances 0% starting rate 1 5,000 1 5,000 A
More informationThe Second Budget 2015
PKF Littlejohn LLP The Second Budget 2015 8 July 2015 www.pkf-littlejohn.com The Second Budget 8 July 2015 A second Budget within a calendar year is highly unusual. Five years ago, in the run-up to the
More informationSpring Statement 2018: more difficult choices ahead
Carl Emmerson Wednesday 14 March 2018 2007 08 2008 09 2009 10 2010 11 2011 12 2012 13 2013 14 2014 15 2015 16 2016 17 2017 18 2018 19 2019 20 2020 21 2021 22 2022 23 Per cent of national income Forecast
More informationIntroduction. Contents. The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November Main Budget tax proposals
Introduction Contents The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. 3 Main Budget tax proposals 7 Employment Taxes His report set out a number of actions
More informationInstitute for Fiscal Studies Analysis of the Autumn Statement 2011 and the OBR Economic and Fiscal Outlook. Opening remarks.
Opening remarks Paul Johnson Downward revisions in the outlook for tax revenues, fiscal rules expected to be met by the merest whisker, investment spending plans being cumulated over several years, a complex
More informationF i n a n c i a l A d v i c e.n e t M O N E Y N E W S
June 2018 SPRING STATEMENT AND CHANGES THAT TAKE EFFECT FROM 6 APRIL 2018 Chancellor Philip Hammond s first Spring Statement as forecast, contained no new announcements affecting tax or pensions. The Chancellor
More informationAutumn Budget 2018: IFS analysis
Autumn Budget 2018: IFS analysis Paul Johnson s Opening Remarks So now we know. When push comes to shove it s not tax rises and it s not the NHS that Mr Hammond is willing to gamble on, it s the public
More informationRadical reform of pensions, effectively introducing flexible drawdown for all defined contribution schemes.
Budget highlights Radical reform of pensions, effectively introducing flexible drawdown for all defined contribution schemes. Major relaxations to the rules for turning small pension pots into cash lump
More information