Winckworth Sherwood

UK 200 2014 position: 81

Budget Summary: spring edition 2014

Direct recovery of tax debts
Measures will be included in the Finance Act 2015 to empower HMRC to recover tax debts of £1,000 or more directly from the bank accounts of taxpayers who have the financial ability to pay and who have been contacted multiple times by HMRC in respect of the outstanding amounts. The power will be subject to rigorous safeguards.

Income tax personal allowance and basic rate limit for 2015–16
For 2015–16, the personal allowance for those born after 5 April 1948 will be increased to £10,500 and the basic rate limit will be reduced to £31,785.

Transferable tax allowances for married couples and civil partners
From 6 April 2015, a spouse or civil partner who is not liable to income tax above the basic rate will be able to transfer up to £1,050 of their personal allowance to their spouse or civil partner, provided that the recipient of the transfer is not liable to income tax above the basic rate. Married couples or civil partners entitled to claim the married couple’s allowance will not be entitled to make a transfer…

Click on the link below to read the rest of the Winckworth Sherwood briefing.

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