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Budget 2014: Timeline of key announcements

When the changes will impact your finances

Chancellor's feet and budget case

It’s been a week since George Osborne gave his Budget 2014 speech, announcing a host of changes which will affect our finances in a number of ways. 

Here, we list all the key announcements that will affect consumers in chronological order, starting with those that will be introduced first. 

Go further: Budget 2014: The highlights – an in-depth summary of the major changes 

Imminent changes 

Pension changes – March 27 2014

A relaxation of rules regarding drawdown limits and lump sum withdrawals.

Go further: Income drawdown explained – learn more about how drawdown works

The 2014/15 tax year

The new tax year begins on 6 April 2014 and will herald the introduction of many new tax and benefit rates. 

Allowance rises – April 6 2014

The personal tax allowance rises to £10,000. The Isa limit jumps to £11,880, while the capital gains tax allowance limit increases to £11,000.

Go further: Income tax explained – find out about how much you need to pay

Benefits increases – April 6 2014

Child benefit and local housing allowance and child benefit both rise by 1%. The state pension increases to £113.10 a week.

Go further: State pension explained – all you need to know about the weekly state pension

Duties altered – April 6 2014

Beer duty cut by 1p a pint. Tobacco duty to rise 2% above inflation. Bingo duty halves to 10%. Duty on fixed-odds betting terminal up to 25%.

Pension tax relief allowance drops – April 6 2014

The allowance will fall to £40,000 per year and £1.25 million overall.

Go further: My retirement: what do I need to know? – get set for retirement with our hub

Later this year

Premium Bond limit – June 1 2014 

Increases to £40,000 with extra £1 million jackpot to play for.

Go further: Premium bonds explained – how do these savings work?

New Isa to be introduced – July 1 2014

£15,000 limit can be filled with either cash or stocks & shares.

Go further: Best rate cash Isas – find the top rate for your savings 

Next year

Pensioner Bonds introduced – January 1 2015

Market-leading over-65s product with £10,000 limit.

Air Passenger Duty – April 1 2015

All long-haul flights will charge band B tax.

The 2015/16 tax year

The Chancellor announced a host of measures that will come into effect in the next tax year. 

More pension changes – April 6 2015

The government aims to give pensioners complete access to their pots.

Go further: What the pensions shake-up means for you – a round-up of the proposed changes 

Tax bands – April 6 2015

Personal allowance rises to £10,500. Higher-rate tax starting figure rises to £41,865. Transferrable marriage allowance jumps to £1,500.

10% savings tax rate abolished – April 6 2015

The 0% rate will extend to maximum of £5,000.

Go further: Tax on savings and investments – understand when you do and don’t need to pay tax

Welfare cap introduced – April 6 2015

The cap was set at £119bn rising with inflation.

Premium Bond limit – April 6 2015

The limit will increases to £50,000. 

New IHT exemption – April 6 2015

All emergency services staff who die in service will be exempt.

Go further: Inheritance tax explained – do you need to pay it?

And beyond…

Increased childcare tax breaks – Autumn 2015

A 20% tax break will apply to first £10,000 of childcare costs. 

New £1 coin – 2017 

A new twelve-sided coin will combat counterfeiting.

Help to Buy extended – 2020 

Equity loans scheme will now last until end of decade.

Go further: Help to Buy explained – get to grips with the government’s mortgage scheme

More on this…

  • What the pensions shake-up means for you – a round-up of the proposed changes 
  • Budget 2014 Hub – all the latest news and speculation
  • What is the Budget? – our short animation explains all
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