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Budget 2015 – Some Key Points

18.03.15

Detail on a couple of aspects to follow :-

• Unemployment to fall to 5.3% this year
• 80% of jobs full time and growing fastest in NW – County of Yorkshire created more jobs than France!
• Lock in historically low interest rates for the long term

• Lifetime allowance on pensions going from £1.25m to £1m, from 2018 will be indexed – No cut to annual allowance so still £40,000

• Raising rate of bank levy to 0.21% raising £5.3 bill – no longer allowed to offset PPI compensation expenses
• Corporation Tax cut to 20% – any increase only
• Abolish NI for under 21’s and also for apprentices
• Self-Assessment form annual tax return abolished – digital tax accounts
• Class II NI scrapped for Self-Employed

• Penny off a pint
• Spirits and ciders cut 2p, wine duty frozen

• Personal tax allowance raised to £10,800 in 2015/16 then £11,000
• Higher rate tax raised to £43,300from £42,385 – above inflation
• Review of IHT avoidance through deeds of variation

• 4 steps in savings:-

1. 5m pensioners will have access to annuities – tax charged at marginal rate
2. ISA changes – now fully flexible, can take out and put back without losing tax free status
3. Help To Buy ISA – for every £200 saved gov will put in £50 more – so £12,000 will get £3000 more from gov – will run for 4 years and you cut put in £1,000 upfront then up to £200 per month – max bonus is £3,000 per person
4. Personal savings allowance from April – first £1,000 per annum tax free

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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