10 things you need to know about the 2015-16 budget

2015-16 Budget breakdown – The 10 facts you need to know.

Proposals to abolish the 10 percent tax band will benefit those earning below £14,000. Anyone earning above that figure will fall into the 20 percent taxation bracket. Under these proposals anyone earning £20,000 per year will incur an additional £150 tax charge – those earning between £14,000 and £18,500 will pay less tax than they are currently. If given approval this wouldn’t be implemented until next year.
Income thresholds for means-tested child benefit will drop by £10,000. Families earning below £50,000 are entitled to full benefit, reduced benefit to those between £50,000 and £80,000, and those earning above £80,000 will no longer be entitled to claim benefit.
The ‘tax cap’ on high earners has been increased to £125,000.
Carer’s have seen a significant 82.7 percent allowance increase.
From next year pensioners still in employment will have to pay National Insurance contributions.
Employers will be able to benefit from a National Insurance ‘holiday’ scheme when taking on a person who has been long term unemployed, long term sick or recently released from prison.
Loan interest will once again be charged to Departments, with the money raised going to replenish the Capital Fund.
An additional £3 million has been ring fenced for the Town and Villages Regeneration fund.
Personal tax credit has been reduced to £400 and is now restricted to the elderly or disabled, earning below £9,500.
Companies will now have to pay 20 percent tax on income from local land and property.