Budget 2014 - A Summary of the Chancellor's Statement


George Osborne presented his Budget on 19 March 2014. In his speech the Chancellor announced that "If you are a maker, doer or a saver: this Budget is for you." Mitchell Charlesworth's Budget Summary 2014 focuses on the issues raised in the Budget that are likely to affect you, your family and your business.

Throughout the summary, to help you decipher what was said, we have included our own comments.

The Budget 2014 Summary

Click here or on the image above to download and print the Budget Summary

Main Budget Proposals:

  • The starting rate band for savings will be increased from April 2015 and the current 10% tax rate reduced to nil.
  • Individual Savings Accounts (ISAs) are to be simplified by merging the cash and stocks ISAs together with a significant increase in the investment limit from 1 July 2014.
  • Radical changes are to be made to the pensions regime including removing the restrictions on access to pension pots so there will no longer be a requirement to buy an annuity.
  • The Annual Investment Allowance is to be doubled to £500,000 until 31 December 2015.
  • An increase will be made in the R&D tax credit available to loss making SMEs to 14.5%
  • Those using tax avoidance schemes may be required to pay upfront
  • Locally, the Chancellor outlined finance schemes to support the Mersey Gateway Bridge project and Liverpool Airport.

For more information, please do not hesitate to contact our tax experts:

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Gemma Gower

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