Tag Archives: budget 2015

How could the Spending Review affect you?

budget-family-350The Chancellor today (25 Nov) announced his Autumn Statement and Spending Review, and many of us are likely to be affected in different ways, from tax to benefits, from housing to local amenities.

Some of the headlines are:

Tax Credits/Welfare –  The planned £4.4bn cuts to working tax credits as part of plans to reduce the welfare bill by £12billion, has now been abandoned and tax credits will now remain unchanged.

The Chancellor said the £12bn of welfare savings will be “delivered in a way that helps families as we make the progression to a national living wage

The Chancellor also says that “more than a million” more jobs will be created over the next five years.

Council Tax – It’s been confirmed that local councils have the freedom to increase council tax bills by more than 2 per cent, to help pay for social care funding.

Childcare – 30 hours free childcare for 3 and 4-year-olds from 2017, to parents working more than 16 hours and earning less than £100,000.

Pensions – The basic state pension will increase by £3.35 a week next year, taking the weekly ‘single tier’ total up to £155.65 for new pensioners.

Housing –  £2bn has been set aside for more than 400,000 “affordable homes” to be built in England, to buy and to rent. Stamp duty for Buy To Let homes will be 3% higher than for regular stamp duty.

Right-to-buy is being extended to housing association tenants starting with a new pilot in five housing associations from midnight.

Help To Buy will be a shared ownership venture aimed at allowing people to get equity loans to help buy a home. London Help to Buy gives a 40% interest-free loan to first-time buyers.

Find out more about the Help to Buy ISA here

Arts & sport: Arts Council funding will be increased so as to keep free museum entry. UK sport budget will increase by 29% “so we go for gold in Rio and in Tokyo”.

How could the Summer Budget affect you?

How will the Budget impact you?

How will the Budget impact you?

Now that the Chancellor has announced his first Budget since May’s General Election, a few things have become clear. And many of us are likely to be affected in different ways, from income tax to benefits, from housing to savings.

Some of the headlines from Summer Budget 2015 were:

Inheritance Tax
From 2017, couples can expect to see their inheritance tax threshold increase to £1 million, from the previous £650,000.  It comes as part of a new ‘family home allowance’ of £175,000 added to the present £325,000 tax-free allowance, which means that if you die and leave assets worth up to £500,000, your estate won’t be charged any inheritance tax. Continue reading

So how might Budget 2015 impact you?

How will the Budget impact you?

How will the Budget impact you?

The final Budget before the General Election is here, and what does it have in store? We’ve seen announcements on pensions, tax, housing and much more that will affect all of us around the country in different ways.

Some of the headlines from Budget 2015 were:

Income tax
One big win for many is that the amount you can earn before being taxed – personal tax allowance –  was already due to increase from £10,000 to £10,600 from April, and is set to rise further  – up to £10,800 next year, and then to £11,000 the year after.

Some people will also benefit from the higher tax rate threshold – in other words, the moment you start paying 40p in the pound – being raised from £42,385 in 2014-15 to £43,300 by 2017-18, although some speculation had suggested it would go as high as £50,000. Continue reading