If you are interested in the tax allowances for 2014/15, please refer to our Tax Tables: Green & Co 2014/15 Tax Tables
If would like to read our summary of the 2014 Budget, then please follow this link: Green & Co Budget Summary 2014
The main issues include:
Savings: Reform of ISAs. The current distinction between stocks and shares ISAs and cash ISAs will be simplified with the creation of the New ISA (NISA). The annual contribution limit is also increasing to £15,000, making it possible for a couple to save up to £30,000.
Annual Investment Allowance (AIA): If you are investing in plant and machinery for your business, the amount you can claim capital allowances on has doubled from £250,000 to £500,000. This will run from April 2014 to 31 December 2015.
EISs & VCTs: No change in the rules for EIS and VCTs as you can still claim 30% income tax relief on these investments.
Inheritance Tax (IHT): The IHT threshold will remain at £325,000 until 5 April 2018.
For more tips, refer to the ‘think ahead’ boxes of our guide.
Please contact us if you need more information on these changes, or any other matter.