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KPMG analysis of UK Budget 2014
How will UK Budget 2014 affect you and your business?
Taxing Times, our guide to UK Budget 2014 (PDF, 989KB)
The personal tax highlights are:
- Personal allowance will rise to £10,500 in 2015/16
- Higher rate threshold will change to £31,785 in 2015/2016
- Starting rate of income tax savings will be 0%
- Pension savings will become more accessible
- ISA limits will rise to £15,000 per annum
The key points for business are:
- The annual investment allowance will change to £500,000
- Extension of EZA enhanced capital allowances
- Extension of Seed EIS Scheme
- New anti-avoidance rules will apply to partnerships
- Users of tax avoidance schemes must pay tax up front