The Chancellor raised the personal tax allowance, and promised more help for home buyers
He also confirmed leaks/announcements on childcare tax breaks, the flat rate state pension and a cap on social care costs
This Budget didn’t have the hidden ‘nasties’ of a year ago (such as granny tax, pasty tax and caravan tax), but there was quite a mixed bag. There’s good news for basic rate taxpayers as the personal allowance will rise to £10,000 in April 2014 – and not 2015 as originally planned. He also confirmed that the flat rate state pension would be introduced in 2016, that a new childcare tax break would come in during 2015 and promised ‘help for homebuyers’. Oh, and beer duty won’t rise.
The 10% starting rate of tax is available to savers who have low levels of earned income
This week the 10p rate of tax has been back in the news, as the Labour leader, Ed Miliband, said he would re-introduce it if he was elected. However, the 10p rate of tax still exists, but only for people who have a low income and whose income above the personal allowance comes from money they have in savings accounts. Most savings accounts (with the exception of ISAs) pay interest with tax deducted at 20%, so if you're on a modest income and have savings, you may have paid too much tax. But you may be able to claim it back.
A quick guide to the Autumn Statement. What could it mean for you?
The Chancellor announced changes to benefit rates, tax, pensions, ISA allowances and no rise in fuel duty.
This wasn’t so much an Autumn Statement, more a Budget. As usual, it’s not just the measures announced in the Chancellor’s speech that will have a big impact, but those that lurk in the small print of the Budget documents. So, here’s what I’ve found out so far:
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