In a speech that lasted, what seemed like most of the afternoon (ok, we exaggerate but it was pretty lengthy) the Chancellor laid out the 2015 budget and, to save you having to go through it again – we’ve sifted through and simplified the whole thing.
See everything you need to know, below.
Personal Savings Allowance:
From April 2016, the first £1000 of the interest on all your savings will be tax free
Tax Free Personal Allowance:
From 2016, the money you can earn before being taxed will rise to £10,800. Then, in 2017, this will rise to £11,000. This will make the ‘typical’ worker over £900 better off every year.
Help to Buy ISA:
For every £200 you put into one of the special ISA’s, to be announced in the Autumn, the government will give you £50. The money can be withdrawn at any time, without losing your tax free allowance. The government’s bonus money will only be paid if the money is spent on a house, however.
Abolition of the Annual Tax Return:
The self-assessment tax return is a right pain, right? Well you won’t have to worry for more longer as the out-dated system is being replaced with automatic digital tax accounts which you can access and update all year round.
Alcohol Duty:
There’s another penny off a pint, cider duty has been cut by 2 per cent and whisky cut by the same percentage. Oh, and the duty on wine has been frozen. Hooray!
Fuel Duty:
The increase in the price of petrol that was planned for this September has been scrapped.
Minimum Wage:
By Autumn, the minimum wage will rise to £6.70.
Money for Afghanistan veterans:
£75 million will be made available to help veterans of the Afghanistan war. This will be paid out of Libor fines. An additional £25 million will be paid to help older veterans.
Defibrillators:
£1 million has been placed aside by the government to buy defibrillators for public places.
Corporation Tax:
This will be cut to 20 per cent by April this year.
Air Ambulances:
Welsh, Scottish, Essex and Herts and East Anglia will receive new air ambulances. In addition to this, the Lucy Air Ambulance, which transports children needing urgent care, will benefit.