POLITICS

Budget 2014: George Osborne's Tax Changes At A Glance

19/03/2014 13:49 GMT | Updated 19/03/2014 13:59 GMT

George Osborne has just delivered his Budget for 2014, here are the tax changes in brief:

  • Personal tax allowance to be raised to £10,500 next year; £800 average savings.
  • Higher rate threshold for 40p income tax to rise from £41,450 to £41,865 next month and then by further 1% to £42,285 next year; increase in personal allowance passed on to higher rate taxpayers.
  • Transferable tax allowance for married couples to rise to £1,050.
  • Tax on homes owned through companies to be extended from homes worth more than £2 million to those worth more than £500,000.
  • 15% stamp duty on homes worth more than £500,000 bought through companies.
  • Inheritance tax waived for emergency services personnel who "give their lives protecting us".
  • VAT waived on fuel for air ambulances and inshore rescue boats.