July 2015 United Kingdom budget

Background

Measures

• £750 million extra granted to HM Revenue and Customs to tackle tax avoidance
• Income tax personal allowance raised to £11,000
• Ordoliberal measures to introduce tax incentives for large corporations to create apprenticeships, aiming for 3 million new apprenticeships by 2020
• A national living wage of £9 an hour to be introduced by 2020 for 25+ year olds
• Inheritance tax threshold raised to £1m by 2017 for married couples
• An £800 increase in the amount of maintenance loan paid out to poorer students, paid for by replacing maintenance grants with loans
• Benefit cap reduced to £23,000 in London and £20,000 in the rest of the country
• Starting in April 2016, the Dividend Tax Credit will be removed and replaced with a tax-free Dividend Allowance of £5,000 for all taxpayers, with new rates of tax for dividend income above that amount
• Confirmation that the BBC has agreed to absorb the £650m cost of providing free television licences for over-75s
• Non-domiciled individuals
• *Non-domicile status can no longer be inherited
• * Non-domiciles who have lived in the UK for the past 15 of the last 20 years will have to pay normal taxation

  Taxes

Spending