On Wednesday, 18th March 2015, MP George Osborne delivered the final Budget of the Conservative –Liberal Democrat coalition government.
The Chancellor of the Exchequer documented a "Britain on the rise” that has "grown faster than any other major advanced economy in the world” since the last ‘emergency’ Budget 5 years ago.
Measures for The Finance Bill 2015, which concerns tax renewals, proposals and tax administration, were issued in part at the end of last year. However, because the current Parliament dissolves on March 30th, some measures were announced with immediate effect. The remaining measures will be sanctioned by a Finance Bill in our next Parliament; and will hinge on the outcome of the General Election on May 7.
Further action is projected in the Budget, though a Conservative Party victory is required for all of the proposed measures to be implemented.
Main tax proposals announced in the Budget 2015 include:
- Self-assessment tax returns moved to a new digital system by 2016
- Changes to the qualifying conditions for Entrepreneurs’ Relief
- An increase in personal allowances
- New, tax-free Personal Savings Allowance
- ISA changes including a new Help To Buy ISA for first-time buyers