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Budget 2014: at a glance.

PERSONAL TAX Personal tax allowance to be raised to PS10,500 next year; PS800 average savings Higher rate threshold for 40p income tax to rise from PS41,450 to PS41,865 next month and then by further 1% to PS42,285 next year Transferable tax allowance for married couples to rise to PS1,050 ? 15% stamp duty on homes worth more than PS500,000 bought through companies Inheritance tax waived for emergency services personnel VAT waived on fuel for air ambulances and inshore rescue boats Fuel duty rise cancelled PENSIONS AND SAVINGS ? All tax restrictions on pensioners' access to pension pots removed and tax on cash removed on retirement cut from 55% to 20% 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% this year, then 2.3%, 2.6%, 2.6% and 2.5% in following years - making UK economy PS16 billion bigger than predicted.

Deficit revised down to 6.6% this year, and forecast to fall in following years before going into surplus of 0.2% in 2018/19 Borrowing expected to be PS108 billion this year - PS12 billion less than forecast Debt revised down to 74.5% of GDP this year; then predicted to peak at 78.7% in 2015/16 and fall to 74.2% by 2018 JO? OBR forecasts 1.5 million more jobs over the next five years and earnings to grow faster than inflation Welfare cap set at PS119 billion for 2015/16, rising to PS127 billion by 2018/19, only state pension and cyclical unemployment benefits excluded ENERGY ? PS7 billion package to cut energy bills Compensation scheme for energyintensive industries extended four years to 2019/20; PS1 billion to protect manufacturers from cost of green levies LEISURE ? Tobacco duty to rise by 2% 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% Bingo duty halved to 10%.

20% tax relief for theatre productions INVESTMENT Support to build 200,000 homes.

Additional PS140 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% to 14.5% Annual investment allowance doubled to PS500,000 and extended to the end of 2015
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Title Annotation:Features
Publication:Western Mail (Cardiff, Wales)
Date:Mar 20, 2014
Words:419
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