Shares in bookies crash as Osborne hikes taxes on betting machines March 19, 2014 Some of Britain's leading bookmakers are taking a beating after George Osborne announced that the tax on fixed odds betting terminals (FOBTs) would be raised from 20 per cent to 25 per cent. Shares in Ladbrokes have crashed by 12 per cent while William has suffered a decline of six per cent. Investec specialist bank [...]
Pension providers’ shares plunge on non-compulsory annuities March 19, 2014 Shares in UK-listed pension providers are feeling the heat after chancellor George Osborne’s announcement that pensioners will no longer have to buy an annuity. Shares in Legal & General have plummeted seven per cent, to 214p. Source: Google Aviva has shed over four per cent to 495p, and Standard Life has seen shares fall almost [...]
Isa types merged as limit’s raised to £15,000 March 19, 2014 There's more big news for savers from the Budget. The government’s dramatically increasing the flexibility of Isas. It’s merging cash and stocks Isas into one product, allowing transfers from shares into cash. It's also raising the annual limit to £15,000, rising from £11,520. Junior Isas will be raised to £4,000. Halifax has been calling for [...]
Pension liberation as government ends compulsory annuities March 19, 2014 Some enormous news on pensions. On the grounds that people should be trusted with their own finances, George Osborne's announced a liberalising new set of freedoms for pensioners. The government's getting rid of the restrictions on taking money out of pensions, with nobody now having to take an annuity. It's also cutting the income requirement [...]
40p tax threshold rises by one per cent March 19, 2014 George Osborne has left those who were hoping for a significant rise in the 40p tax band disappointed, after he announced a one per cent rise from annual incomes of £41,451 in the current financial year to £41,866 next month. HMRC have said the government's decision will see the number of people paying the 40p [...]
Personal tax allowance raised to £10,500 March 19, 2014 The chancellor has announced a rise in the personal allowance from £10,000 to £10,500. However, there had been significant argument as to whether tax cuts would be most effective when directed at the personal allowance or national insurance contributions (NICs). According to polling from KPMG, more than a fifth of firms backed a reduction in [...]
Hardworking people, tie colour and other buzzwords from the Budget for a “resilient economy” March 19, 2014 Favourite (and very much expected) buzzwords and catchphrases we’ve heard so far: Hardworking people Hardworking families Resilient Putting Britain right Made in Britain And, We’re all in this together One of the most bizarre yet pedestrian bets placed on this afternoon’s events has to be “How many sips of water will George Osborne take?” At [...]
Chancellor slashes bingo tax March 19, 2014 In good news for Bingo enthusiasts the chancellor has announced a cut in tax on the profits of Bingo halls from 20 per cent to 10 per cent, five per cent lower than other forms of gambling. The chancellor gave credit to the campaign waged to cut the tax by Tory MP Robert Halfon. In [...]
Private jets to be subject to APD March 19, 2014 Stating that it’s time to reform Air Passenger Duty (APD), George Osborne has announced all long-haul flights will be subject to the band B tax rate, with private jets now being taxed. The standard rate for band B is currently £134. This'll now apply to all long-haul flights, with the higher bands C and D [...]
Osborne freezes carbon tax March 19, 2014 The chancellor has announced a freeze in the carbon price floor. Carbon will cost £18 per tonne from 2016 for the rest of the decade. Measures in the budget taken to bring down cost of energy amount to £7bn. This will be welcome to energy intensive industries that have been hardest hit by the rising cost [...]