The Chancellor announced that there
would be a further increase in the personal allowance for individuals for
2015/16, raising the level to £10600.
In addition the basic rate threshold
is to be £31785.
The employment allowance was introduced
in April 2014 worth £2000 per employer.
This continues and is to be extended for those employed in their own
homes, such as nannies, housekeepers or gardeners, who could not previously
From 6 April 2015 employers will not
have to pay national insurance on the salaries of employees aged under 21 for
wages up to £815 per week and from 6 April 2016 that exemption for employers
will be extended to apprentices under the age of 25.
Drivers with very low emission cars
are to be brought into taxation on the benefit from 6 April 2015. With those with CO2 emission from zero, i.e.
electric, to 50 g/km will be subject to tax as a benefit in kind. Tax will be payable on 5% of the vehicles
list price or 8% for diesel cars.
There will be additions to the
benefits for other vehicles.
The limit will be increased for
2015/16 to £15240.
In addition there is to be more favourable
treatment for ISAs in relation to inheritance tax.
Social Investment Tax
Social investment Tax Relief (SITR)
introduced in April 2014 is to be extended.
There are of course other issues which
were announced in the statement.
Further details later.