Budget Booklet 2014

Chancellor George Osborne delivered his Budget Statement to Parliament yesterday. He was keen to drive home the message that the economy is recovering “faster than forecast” but warned that “the job is far from done”. 

The key announcements were as follows:

  • An increase in the personal allowance for income tax to £10,500 for 2015/16
  • Higher rate threshold to rise in April 2014 to £41,865 and £42,285 next year
  • Annual Investment Allowance of £250,000 doubled to £500,000 to the end of 2015
  • Research & Development Tax Credits for loss making small companies increased from 11% to 14.5%.
  • ISAs simplified and the limit increased to £15,000 from 1 July 2014

Download the Garratts budget booklet PDF