For further details about Ernest Wilson visit https://www.ernest-wilson.co.uk or call 0113 238 2900
George Osborne has delivered his seventh Budget as chancellor, the first for a majority Conservative government since November 1996. Here is a summary of his main announcements.
Personal taxation and pay
- New national living wage will be introduced for all workers aged over 25, starting at £7.20 an hour from April 2016 and set to reach £9 by 2020 - giving an estimated 2.5 million people an average £5,000 rise over five years
- Low Pay Commission to advise on future changes to rates
- Inheritance tax threshold to increase to £1m, phased in from 2017, underpinned by a new £325,000 family home allowance
- Personal allowance, at which people start paying tax, to rise to £11,000 next year. The government says the personal allowance will rise to £12,500 by 2020, so that people working 30 hours a week on the minimum wage do not pay income tax
- The point at which people start paying income tax at the 40p rate to rise from £42,385 to £43,000 next year
- Mortgage interest relief for buy-to-let homebuyers to be restricted to basic rate of income tax
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