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This was George Osborne's last Budget before the election. He needed to steer a course between showing that he is prudent and giving the conservative backbenchers something to cheer about.

Business taxes have remained relatively unchanged. There is now a single corporation rate of 20% from 1 April 2015 which add simplicity. The only give-away is the scrapping of employer's national insurance for the under 21s which must be a welcome incentive for the employment of young people. It is still not exactly clear

what will happen to the annual investment allowance (AIA) after 31 December 2015 - the budget contained the assurance that it would definitely not reduce to £25,000 but we may have to wait for the Autumn Statement to find out what level that might be.

The personal tax allowance increases to £10,600 as previously announced and will further rise to £10,800 from April 2016. The level at which 40% tax starts moves up slightly over the next two years but not more than inflation!

The personal tax allowance increases to £10,600 as previously announced and will further rise to £10,800 from April 2016. The level at which 40% tax starts moves up slightly over the next two years but not more than inflation!

Pensions have been reformed to the extent that they have become very attractive for minimising tax. It seems likely that a future Chancellor may look at reducing tax relief at the higher rate or phasing out the amounts that can be withdrawn tax-free. All this budget did was to reduce the lifetime allowance to £1million which will only affect the wealthiest of taxpayers.

The introduction of a personal savings allowance of £1,000 (£500 for higher rate taxpayers) is great news for savers. We are also very interested in the new 'Help to buy' ISAs which look to be similar to pensions, in that the government gives a 20% credit. Both young people and their parents should consider these carefully as a way for young people to get together a deposit for their first house purchase.

Altogether a pretty decent sort of Budget in our opinion. No relaxation of fiscal policy but enough sweeteners to make life interesting.

To read the full Budget Guide click here.

If you would like to discuss any of the issues in the budget please call or email This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..

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