Should we wait with bated breath? …

George Osborne has announced that he will present his second Budget of 2015 to Parliament on 8th July.  We know that the Chancellor’s Budget will include

  • an increase in the Personal allowance £10,000 to £10,600
  • some updates to tax and national insurance rates 2015/16, including an increase in the lower profits limit to £8,060
  • the Marriage Allowance for married couples. The allowance should provide a tax break that could save some couples up to £212 per year by a transfer of up to £1,060 of their 2015/16 personal tax-free allowance.  However, this will only benefit couples paying the basic rate of tax.
  • Capital Gains Tax annual exemption will increase from £11,000 to £11,100.
  • No change in Inheritance Tax nil rate band which remains at £325,000.
  • Significant changes to pensions

But we may also see a further commitment to increase the Personal Allowance, and perhaps more powers to HMRC to stop tax avoidance and evasion.

So let’s wait and see.