Springfords LLP blog

Some news, views and comments about everything and anything, relevant and irreverent.

UK Budget 2014: Beyond the numbers

28 March 2014

Does Osborne have Balls, or did he make a right  mecca of it?  We’ll let the Chancellor and his shadow box away at each other for a while yet, shall we?  For the rest of the grey-haired, bingo-playing, real ale quaffing, would-be Lamborghini drivers, who miss the threepenny bit, it’s eyes down for a full financial house. 

Don’t get hung up on the Bingo Budget, there’s plenty more going on after those headlines.  We’ve been poring over the details, seeing past the pundits,  and getting down to what’s really important for you.  No need to read the full Finance Act - we’ve done that for you. 

For personal clients, there’s been a really big change in the way you can handle your pension pot in future.  Wave a less-than-teary goodbye to punitive tax rates on pension draw-downs.  You can also save a small fortune in savings tax, with changes to the way ISAs are arranged.  

So much for the savers, if you’re one of the makers, there’s plenty to talk about too.  Businesses can now  spend up to £500,000 on new plant and equipment and get 100% of this cost back as a deduction against taxable profit . Plus energy-hungry industry gets a boost with some breaks on the cards for energy costs.  

There’s a Browning full of bullet points in our Budget Tax Alerts, so check that out to get the line by line low-down.

So, head down to your local pub with a couple of friends.  The threepence you’ll save on the round of beers is down to the generous Chancellor.  If you’re old enough, raise a glass to the threepenny bit, it’s making a comeback, as the new shape of the pound coin.  It’ll be minted in 2017, when the pound will be worth just about the same as the threepenny bit was, when it was last minted.  1967, since you asked.

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Some news, views and comments about everything and anything, relevant and irreverent.

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