The Chancellor delivered his Budget Speech on Wednesday 19 March.
Changes to the ISA regime
From 6 April 2014 the overall ISA savings limit will be increased.
Savings band and rate for 2014/15
The Chancellor announced changes to the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings.
The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes.
Pensions – changes to come
The Government plans to bring even greater flexibility into the pension system from April 2015.
Doubling of the Annual Investment Allowance
The Annual Investment Allowance (AIA) provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit and is available to most businesses.
Research and Development (R&D) relief
This relief gives additional tax relief to companies for expenditure incurred on Research and Development projects that seek to achieve an advance in science or technology.
New Tax-Free Childcare scheme
The Government has announced details of the new Tax-Free Childcare scheme which is to be launched this autumn.
Shared Parental Leave and Pay
The Government has issued the draft regulations for Shared Parental Leave and Pay which are expected to become law from 1 October 2014 and will apply to babies due from April 2015.
HMRC issue guidance on Bitcoin
HMRC have issued guidance on the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies.
Advisory fuel rates for company cars
New company car advisory fuel rates have been published to take effect from 1 March 2014.
HMRC are to introduce further interest and penalties for the late submission of PAYE RTI returns and for late payment of PAYE liabilities.