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CII briefing: Budget 2015

A briefing for members on the last Budget before the 2015 General Election.

Chancellor George Osborne's final Budget before this year's General Election was made against the background of economic growth, low inflation and low oil prices. Though there will have been the temptation to make pre-election giveaways, the Chancellor resisted and instead promised to use savings made as a result of reduced debt interest, lower welfare payments and sale of bank assets to pay down debt. And despite the plethora of pre-Budget announcements George Osborne was still able to announce the odd surprise or two.

The headline announcement was a four point plan to support a savings culture: allowing current annuity holders to access their savings; creation of flexible ISAs; a new Help-to-buy ISA; and making first £1000 of savings income tax free.

Other headline announcements included:  

  • End of the annual tax return. A new online account system will be implemented
  • Changes to income tax thresholds - personal allowance to rise to £11,000 by 2018. The 40p band will rise, above inflation, to £43,300 by 2017/18
  • Reduction in the pension lifetime allowance, from £1.25m to £1m.

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Budget documents

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