On 19 March, the cameras gathered outside 11 Downing Street as
George Osborne raised his red briefcase. Alongside the changes
exercising the tabloids (bingo duty and the price of a pint) there
were some rather significant announcements affecting the tax and
personal finance landscape. Five of the most important are
summarised below.
1. Personal allowance for income tax increased to £10,500
from 6 April 2015.
It had already been declared that the allowance will be
increasing from £9,440 to £10,000 this April, and the
government's latest announcement is effectively an extension of
one of the coalition's flagship tax policies. The motives are
seemingly both ideological and economic. The Liberal Democrats have
advocated an increased personal allowance for some time, and the
government hopes that economic rewards are to be reaped when
low-earners have more disposable income to spend on goods and
services.
