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What To Expect in The Budget 2015?

March 10, 2015

George Osborne will deliver his last budget before the General Election on Wednesday 18th March 2015. Here’s what to expect with a couple of wildcard predictions…

What we know:

  • Personal allowance to be increased from £10,000 to £10,600.
  • Married couples will be able to apply for the Marriage Allowance. This is a tax break that could save some couples up to £212 per year. The allowance lets those couples that are paying low or no tax to transfer up to £1,060 of their 2015/16 personal tax-free allowance to their spouse.
  • Capital Gains Tax annual exemption will increase from £11,000 to £11,100.
  • No change in Inheritance Tax nil rate band which remains at £325,000.
  • Non-residents will be liable to capital gains tax on residential properties sold at a gain from 6 April 2015.
  • Significant pension changes will come into force including:
  • Ability to pass on uncrystallised pension funds and draw down defined contribution pension funds tax free for those who die under the age of 75
  • For individuals who die over the age of 75, a beneficiary will pay income tax at 45% if they take benefits as a lump sum.
  • A new reduced £10,000 Annual Allowance will apply to individuals who contribute to a defined contribution fund where they have already taken benefits under the new flexible pension rules.

Predictions:

  • An increase in the personal allowance over the lifetime of the next Parliament towards £12,500.
  • Further pledge to increase the level at which higher rate tax is paid to £50,000

If you’d like further information on the latest legislation for contractors please contact one of our experts on 0203 713 4530 or email contact@carringtonumbrella.co.uk

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