Budget 2014 Summary of key proposals • Annual Investment Allowance (AIA) doubled to £500,000 and extended to the end of 2015. • Anyone using tax avoidance schemes will have to pay disputed bills upfront then claim back their money plus interest through the courts. • Residential properties bought for more than £500,000 by companies will be liable for 15 per cent stamp duty land tax. • Research and development (R&D) tax credit payable to loss-making SMEs to increase from 11 per cent to 14.5 per cent from April 2014. • Export finance doubled to £3 billion with interest rates cut by a third. • Personal tax threshold to increase to £10,500 from April 2015. • 40p income tax threshold to increase to £41,865 from April 2014 and then to £42,285 from April 2015. • Cash and shares ISAs to be merged, with tax-free limit increased to £15,000 from 1 July. • Restrictions on pensioners’ access to pension pots removed, taking away need to buy annuity. • Total pension saving taken as lump sum doubled to £30,000, while taxable part of pension pot taken as cash on retirement to be charged at normal income tax rate. • Emergency services workers killed while on duty to be exempt from inheritance tax. • Carbon price floor to be capped under £7 billion package of measures to help manufacturers avoid increasing energy costs.
Posted on: Wed, 19 Mar 2014 18:21:00 +0000
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