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10 things you need to know about the 2015-16 budget

Tue, 17 Feb 2015


2015-16 Budget breakdown – The 10 facts you need to know.

  • Proposals to abolish the 10 percent tax band will benefit those earning below £14,000. Anyone earning above that figure will fall into the 20 percent taxation bracket. Under these proposals anyone earning £20,000 per year will incur an additional £150 tax charge – those earning between £14,000 and £18,500 will pay less tax than they are currently. If given approval this wouldn’t be implemented until next year.
  • Income thresholds for means-tested child benefit will drop by £10,000. Families earning below £50,000 are entitled to full benefit, reduced benefit to those between £50,000 and £80,000, and those earning above £80,000 will no longer be entitled to claim benefit.
  • The ‘tax cap’ on high earners has been increased to £125,000.
  • Carer’s have seen a significant 82.7 percent allowance increase.
  • From next year pensioners still in employment will have to pay National Insurance contributions.
  • Employers will be able to benefit from a National Insurance ‘holiday’ scheme when taking on a person who has been long term unemployed, long term sick or recently released from prison.
  • Loan interest will once again be charged to Departments, with the money raised going to replenish the Capital Fund.
  • An additional £3 million has been ring fenced for the Town and Villages Regeneration fund.
  • Personal tax credit has been reduced to £400 and is now restricted to the elderly or disabled, earning below £9,500.
  • Companies will now have to pay 20 percent tax on income from local land and property.
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