47881_Budget_2015_Web_Accessible

Table 2.1: Budget 2015 policy decisions 1, 2Personal tax£ millionHead 2015-16 2016-17 2017-18 2018-19 2019-201 Personal allowance: increase to £10,800 in Tax 0 -960 -1,480 -1,585 -1,6802016-17 and to £11,000 in 2017-18 with fullgains to higher rate taxpayersSavings and pensions2 Savings tax: allowance and ISA flexibility Tax -15 -1,030 -565 -640 -7653 Help to Buy: ISA Spend -45 -230 -415 -640 -8354 Annuities: secondary market Tax 0 +535 +540 -130 -1205 NS&I bonds for people aged 65 and over: Spend -80 – – – –extension6 Pensions guidance: extending availability Spend -20 – – – –7 Pensions: lifetime allowance to £1m from Tax +60 +300 +420 +550 +5902016-17, and index with inflation from2018‐19Duties8 Fuel Duty: cancel September 2015 RPI increase Tax -140 -240 -245 -250 -2509 Alcohol Duty: 1p off a pint of beer and 2% off Tax -85 -80 -85 -85 -85cider duty10 Alcohol Duty: reduce spirits duty by 2% and Tax -100 -95 -100 -100 -105freeze wine dutyInvestment and growth11 Oil and gas: investment allowance and 10% Tax -230 -270 -190 -200 -75cut to Supplementary Charge12 Oil and gas: 15% cut to Petroleum Revenue Tax Tax 0 -125 -115 -85 -1013 Oil and gas: support for seismic surveys Spend -20 – – – –14 Energy intensive industries: bring forward Spend -25 – – – –compensation for Feed-in Tariffs15 Exports and investment: UKTI China and trade Spend -15 – – – –missions16 Regional growth Spend -15 – – – –17 Creative industries: extend support Spend -5 – – – –18 Support for technological innovation Spend -20 – – – –19 Telecommunications Spend -15 – – – –20 Venture capital schemes: qualifying criteria Tax 0 -5 -5 -15 -1021 Enterprise Zones Tax * * -5 -5 -522 Financial transactions adjustment 3 Spend +490 – – – –Fairness, evasion and avoidance23 Bank Levy: increase to 0.21% Tax +685 +925 +925 +920 +92024 Corporation Tax: bank compensation payments Tax +150 +260 +225 +180 +15025 Evasion: Common Reporting Standard Tax -5 +90 +270 +75 +13026 Employment intermediaries: travel andTax 0 +155 +175 +160 +145subsistence (umbrella companies)27 VAT: foreign branches Tax +25 +95 +90 +85 +9028 Corporation Tax: contrived loss arrangements Tax +95 +170 +170 +150 +13029 Capital Gains Tax: contrived ownershipTax * +45 +45 +45 +45arrangements30 Tobacco: enforcement Tax 0 +5 +10 +10 +1031 Accelerated Payments: extension Tax 0 +290 +175 +70 +2064 Budget 2015