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| Version 1 | Version 2 |
|---|---|
| Key points of Budget 2014: At-a-glance | Key points of Budget 2014: At-a-glance |
| (35 minutes later) | |
| Here are the key points of Chancellor George Osborne's Budget. | |
| Taxation | Taxation |
| Point at which people start paying income tax will be raised to £10,500 | |
| Bingo duty will be halved to 10% | |
| Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year | |
| Inheritance tax waived for members of emergency services who give their lives in job | Inheritance tax waived for members of emergency services who give their lives in job |
| Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000 | Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000 |
| All long-haul flights to carry lower rate of air duty currently charged on flights to US | All long-haul flights to carry lower rate of air duty currently charged on flights to US |
| Savings | |
| Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July | |
| The 10p tax rate for savers abolished | |
| Cap on Premium Bonds to be lifted from £30,000 to £40,000 in June and £50,000 next year | |
| Pensions | |
| All tax restrictions on pensioners' access to their pension pots to be removed, ending the requirement to buy an annuity | |
| Taxable part of pension pot taken as cash on retirement to be charged at normal income tax rate, down from 55% | |
| Increase in total pension savings people can take as a lump sum to £30,000 | |
| Fuel, Alcohol and Tobacco | |
| Beer duty cut by 1p a pint | |
| Duty on ordinary cider frozen | |
| Fuel duty rise planned for September will not happen | |
| Tobacco duty to rise by 2% above inflation | |
| State of the economy | |
| GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018 | |
| Coinage | |
| Twelve-sided £1 coin to be introduced in 2017 | |
| Welfare cap | Welfare cap |
| Budget to be capped at £119bn for 2015-16, rising in line with inflation to £127bn in 2018-19 | |
| Public borrowing/deficit | Public borrowing/deficit |
| Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19 | Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19 |
| Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19 | Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19 |
| A new charter for budget responsibility to be brought in this autumn | A new charter for budget responsibility to be brought in this autumn |
| Promises to make permanent £1bn reduction in government department overspends | Promises to make permanent £1bn reduction in government department overspends |
| Business | Business |
| Lending for exporters doubled to £3bn and interest rates on that lending cut by a third | Lending for exporters doubled to £3bn and interest rates on that lending cut by a third |
| Business rate discounts and enhanced capital allowances in enterprise zones extended for three years | Business rate discounts and enhanced capital allowances in enterprise zones extended for three years |
| Housing/infrastructure | Housing/infrastructure |
| Help to Buy equity loan scheme extended to 2020 | |
| Support for building of more than 200,000 new homes | Support for building of more than 200,000 new homes |
| £270m guarantee for Mersey Gateway bridge | £270m guarantee for Mersey Gateway bridge |
| Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4 | Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4 |
| £140m extra for flood defence repairs and maintenance | £140m extra for flood defence repairs and maintenance |
| £200m made available to fix potholes | £200m made available to fix potholes |