Budget at a glance…

Friday 18 July 2014

The Budget is the annual debate about taxation, and how the States will get the money that they need to support spending plans for the following year.

This year's Budget shows a surprising £95 million shortfall from 2013 to 2015 against the targets set out in the States' Medium Term Financial Plan, which was agreed just two years ago.

A range of emergency measures has been proposed to balance the books, including clawing back money from States-owned utilities, raiding criminal and drug confiscation funds, reducing pay budgets and taking money out of new housing funds.

Here are the main taxation proposals affecting next year at a glance...

Duty increases 

2.2% on fuel (a penny per litre)

1.7% on beer (a penny on a pint)

4.7% on tobacco (22.4 pence on a packet of 20 cigarettes)

1.7% on all Vehicle Emissions Duty bands

6.9% on weak cider (1.1 pence per pint)

6.9% on standard cider (2.2 pence per pint)

8.7% on strong cider (4.6 pence per pint)

1.7% on spirits (21.7 pence per litre)

1.7% on wine (2.4 pence per 75 cl bottle)

Tax 

Increase exemption thresholds by 1.7%

Tax allowances frozen

Capping mortgage interest relief