Skip to Navigation


Our first Budget Seminar held at the Theatre Severn the day after the Budget was a great success, with over 70 guests joining us for breakfast, tea and coffee.    

Tony Elliott and Pam Mason from our Tax Planning Team presented a detailed analysis of the Budget, providing guests with an update on all the topical tax issues.

To summarise the key highlights from the Chancellor's speech were:

  • Good news for farmers, they will be able to average their profits over 5 years rather than 2 years to iron out fluctuations in profit
  • The amount you save in your pension pot is to be cut from £1.25m to £1m but from 2018 the lifetime allowance will be index linked
  • Some change in the small print for Entrepreneurs Relief.  The company must be a genuine trading company and for associated disposals the seller must also sell at least 5% of the shares in the company.  This has never been specified previously
  • Employment allowance will remain in place and NIC will be abolished for under 21's and Class 2 NIC will be abolished in the next Parliament
  • A consultation process is to be set-up regarding Deeds of Variation in connection with varying a deceased's Will.  This came under the tax avoidance umbrella
  • Annual Investment Allowance is due to revert back to £25k at the end of December, the Chancellor hinted that this may not happen but he did not quote any figures
  • Self Assessment Tax Returns will be abolished and replaced by a digital tax account on HMRC's website.  This will be next year and will enable tax to be updated/paid at any time of the year rather than January
  • Petrol duty increase has been cancelled leaving the Chancellor to say "£10 off a tank with the Tories"
  • Personal Tax Allowance will increase to £10,600 from April 2015, £10,800 2016/17 and £11,000 2017/18
  • Flexible ISAs - You will be able to take money out of an ISA an dput it back in again without losing the tax free benefit.  This will come in from Autumn
  • Help-To-Buy ISA for first time buyers.  For every £200 you save the Government will contribute £50.  This will start straight away
  • Personal Savings Allowance - From April next year the first £1,000 of savings interest for basic rate tax payers will be tax free.  For higher rate tax payers it will be £500 tax free

If you would like any further information or advice on any of the above please contact either Tony or Pam on or they will be pleased to help.