Taxbriefs Commentary Library

Summer Budget on 8 July – no resting on election laurels

Lindsay Brown, 21 May 2015


 

Following a surprise win by the Conservatives in the May election, Chancellor George Osborne has announced that there will be a Summer Budget on Wednesday 8 July 2015. Austerity is by no means over as Mr Osborne is expected to unveil how the government plans to cut £12 billion from the welfare bill. He has also announced that he would provide details of how the government plans to eliminate the budget deficit and run a surplus by the end of parliament.

The Chancellor and Prime Minister have pledged that tax legislation will not be going up and that this was and is “a Budget for working people”. Mr Osborne stated that the “unusual” decision to have two Budgets in the same year, particularly given much of the same party is in power, would allow him to turn “promises made in the election into a reality”.

Some measures announced in the March Budget failed to make it into a rushed Finance Act – the personal saving allowance for example may come back, as well a reduction in the lifetime allowance. There are also rumours of potential changes to inheritance tax.

As usual, you can rely on Taxbriefs to provide you with an expert Budget summary and tax tables so your clients know you are thinking of their needs.

Visit our Summer 2015 Budget pages to find out more.

 


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Lindsay Brown

Content Developer

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