2014 Budget at a glance

York Press: 2014 Budget at a glance 2014 Budget at a glance

A break down of the measures introduced today by Chancellor George Osborne in the 2014 Budget:


LEISURE

Tobacco duty to rise by two per cent above inflation

Alcohol duty escalator scrapped 

Duty on spirits and ordinary cider frozen. Beer duty cut by 1p a pint 

Duty on fixed-odds betting terminals increased to 25 per cent 

Bingo duty halved to ten per cent 

20 per cent tax relief for theatre productions


PERSONAL TAX 

Personal tax allowance to be raised to £10,500 next year; £800 average savings 

Higher rate threshold for 40p income tax to rise from £41,450 to £41,865 next month and then by further one per cent to £42,285 next year 

Transferable tax allowance for married couples to rise to £1,050 TAX 

15 per cent stamp duty on homes worth more than £500,000 bought through companies 

Inheritance tax waived for emergency services personnel who “give their lives protecting us”

VAT waived on fuel for air ambulances and inshore rescue boats 

Fuel duty rise planned for September cancelled


PENSIONS AND SAVINGS 

All tax restrictions on pensioners’ access to pension pots removed and tax on cash removed on retirement cut from 55 per cent to 20 per cent 

Reform of taxation of defined contribution pensions to help 13 million people from March 27 

Abolition of 10p starting rate of tax on income from savings


ECONOMY 

GDP growth forecast to be 2.7 per cent this year, then 2.3 per cent, 2.6 per cent, 2.6 per cent and 2.5 per cent in following years - making UK economy £16 billion bigger than predicted.

Deficit revised down to 6.6 per cent this year, and forecast to fall in following years before going into surplus of 0.2 per cent in 2018/19 

Borrowing expected to be £108 billion this year - £12 billion less than forecast

Debt revised down to 74.5 per cent of GDP this year; then predicted to peak at 78.7 per cent in 2015/16 and fall to 74.2 per cent by 2018


JOBS 

OBR forecasts 1.5 million more jobs over the next five years and earnings to grow faster than inflation 

Welfare cap set at £119 billion for 2015/16, rising to £127 billion by 2018/19, only state pension and cyclical unemployment benefits excluded


ENERGY 

£7 billion package to cut energy bills includes £18 per ton cap on carbon price support, saving medium-sized manufacturers £50,000 and families £15 a year

Compensation scheme for energy intensive industries extended four years to 2019/20; £1 billion to protect manufacturers from cost of green levies


INVESTMENT 

£270 million guarantee approved for the Mersey Gateway bridge.

Support to build 200,000 homes.

Additional £140 million made available for repairs and maintenance to flood defences


BUSINESS 

Business rate discounts and enhanced capital allowances in enterprise zones extended for three more years 

Research and development tax credit for loss-making small businesses raised from 11 per cent to 14.5 per cent 

Annual investment allowance doubled to £500,000 and extended to the end of 2015

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