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There’s 111 pages of the Budget, released this morning, but here’s what you need to know to see how it’s going to affect you.
The Budget will be debated on 15 December.
Income Tax…
- Standard exemption for marginal-rate payers goes up by 0.9% in line with inflation.
- Mortgage interest tax relief to be phased out over 12 years.
- Added exemption for pensioners to be phased out.
- Increase tax relief for child care from £12,000 to £14,000.
- For top earners at 20% rate allowances for children to be phased out.
- Reduction in relief for non-residents.
Duty increases…
- A bottle of spirits goes up 6.6% to a total of £13.83.
- A bottle of wine goes up 1.3% to a total of £1.47.
- A pint of beer goes up 0.9% to a total of 35 pence.
- A pint of strong beer goes up 4.9% to a total of 61 pence.
- 20 cigarettes goes up 6.7% to a total of £5.32.
- A litre of petrol goes up 2.1% to a total of 46 pence.
Vehicle Emissions Duty…
- Increase income from VED by hitting polluting vehicles.
- Discount for older vehicles cut.
- The 85% discount for hire car firms to be cut.
- VED to be worked out by emissions for commercial vehicles.
Plans for 2016…
- Options paper for independent taxation.
- Change Income Tax system for same-sex marriage.
- Continue work on Property Tax.
- Review 1(1)k tax system.
- Review Benefits in Kind.
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