What are the main changes to the UK’s budget for 2015-16 and how will they affect you?
The tax-free personal allowance is set to rise from £10,600 in 2015-6 to £10,800 in 2016-7 and £11,000 in 2017-8
Personal savings allowance – The first £1,000 interest on savings income to be tax-free for basic rate taxpayers and £500 allowance for 40p tax ratepayers.
Annual savings limit for ISAs is set to increase to £15,240. As well as the introduction of a “Fully flexible” ISA will allow savers to withdraw money and put it back later in the year without losing any of their tax-free allowance
Changes in tax brackets will see the threshold at which people start paying 40p income tax to rise by above inflation from £42,385 in 2014-5 to £43,300 in 2017-8
Annual paper tax returns to be abolished- The hassle of filling in forms is set to be replaced by digital accounts.
The Lifetime allowance is being slashed again, cut from £1.25m to £1m and index-linked from 2018. This comes as changes to the pension rules are set to revolutionize the way we take an income in retirement. Savers will be free to take their whole pot in one lump sum, or withdraw money from their account when necessary.
Re-selling annuities – From April 2016, the government will change the tax rules to allow people who are already receiving income from an annuity to sell that income to a third party, subject to agreement from their annuity provider.
Beer, spirits, and cider duty will all be cut. Wine duty will be frozen
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