Growth forecast
In 2014 the economy is now expected to grow by 2.7%, higher than December’s forecast of 2.4%
Growth in 2015 is forecast to be 2.3%, 2.6% in 2016 and 2017
Welfare cap
To be set at £119bn in 2015-16, rising to £127bn in 2018-9
Tax avoidance
15% stamp duty on properties worth more than £500,000 bought by corporations
Business
Investment allowance increased from £250,000 to £500,000 and extended to the end of 2015
No employer national insurance contribution for the young
£7bn cut from energy bills for manufacturers
Betting
New 25% tax on fixed-odds betting terminals
Alcohol
Cider duty and Scottish whisky duty frozen
Petrol
Planned rise scrapped
Personal tax allowance
No tax to be paid until £10,500 has been earned from next year, a £500 higher threshold than April 2014
Higher rate tax threshold to rise to £41,865 - a rise of 1% as expected
Saving
Cash and stocks ISAs to be merged, limit for tax-free saving raised to £15,000 from £11,520
Pensions
No longer need to buy an annuity. The amount that can be taken out as a lump sum increased from £18,000 to £30,000. A quarter of the pension pot remains tax-free on retirement but the tax rate on the rest cut from 55% to the pensioners’ marginal rate of tax (20% for most).
10p rate starting rate for income from saving abolished and the band extended for tax-free income from £2,800 to £5,000
Pensioner savings bonds to be launched
