The Budget 2014 — new taxation developments
By Alex Barker and Ian Bradshaw
On 19 March, the cameras gathered outside 11 Downing Street as George Osborne raised his red briefcase. Alongside the changes exercising the tabloids (bingo duty and the price of a pint), there were some rather significant announcements affecting the tax and personal finance landscape. Five of the most important are summarised below.
The personal allowance for income tax will increase to £10,500 from 6 April 2015. It had already been declared that the allowance will be increasing from £9,440 to £10,000 this April, and the government’s latest announcement is effectively an extension of one of the coalition’s flagship tax policies. The motives are seemingly both ideological and economic. The Liberal Democrats have advocated an increased personal allowance for some time, and the government hopes that economic rewards are to be reaped when low earners have more disposable income to spend on goods and services.
The individual savings account (ISA) subscription limit is set to increase to £15,000 from 1 July 2014. ISAs were introduced by the Labour government in 1999, allowing the account holder to save and receive tax-free interest. The chancellor announced that all existing ISAs will become new ISAs (NISAs) on 1 July 2014, and the annual limit on how much can be put away will rise to £15,000. The previous distinction between cash ISAs and stocks and shares ISAs has effectively been abolished, and it will be possible to hold a mix of cash and shares within the same account…
Click on the link below to read the rest of the Goodman Derrick briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Goodman Derrick
Briefings from Goodman Derrick
The judge refused to grant the defendant permission to pursue a significant counterclaim, but allowed him to amend his defence to include the allegations contained in that counterclaim.
Private residential landlords renting out property in a ‘selective licensing’ area could face a fine of £20,000 and be ordered to pay back rent to their tenants if they don’t have a licence.
Analysis from The Lawyer
Active financial management is vital, but with firms looking more closely at the process of debt and fee collection, the personal touch still counts
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career