Budget Announcements March 2015

This years budget was not so dramatic as last years and some aspects of interest are:

From April 2016, the amount that you can save into your Pension – the Lifetime Allowance – will be reduced from £1.25 million to £1 million.  However from April 2018, this figure will increase in line with inflation.

The Personal Allowance will increase from £10,000 to £10,600 as from April 2015.

Corporation Tax is set at 20% from tax year 2016/17.

A Personal Savings Allowance to be introduced of up to £1,000 of a basic rate taxpayer’s savings income from April 2016 (£500 for Higher rate tax payers).