A quick run down of the main outcomes of the budget for families:
Turbo Charged ISAs
Good news for 24 million ISA savers who will now be able to deposit £15,ooo in cash, benefitting from tax free interest. The Junior ISA limit has also been given a little boost and is now at £4,000. If you have one it’s a great opportunity to bolster your tax free savings, if you haven’t started one we will be sending out a full ISA guide next week!
In the meantime, if you’re an ISA Saver, you can check out the best rates here.
And easy-to-read tables of the best Junior ISAs are available here.
The amount you can earn before paying income tax will increase to £10,000 and promises have been made for another increase to £10,500 in April 2015.
Scrapped Fuel Duty Increase
Plans for the September increase have been scrapped. Reports say this could save the average motorist £11 each time they fill their tank by 2015-2016. Which means a few more trips to the swimming pool!
Transferable Tax Allowance Climbs
Reflecting 10% of the 2015-16 personl tax allowance, married couples benefit from the transferable tax allowance climbing to £1,050.
Childcare For Working Parents Increases
It is thought that 1.9 million working families will have the opportunity to benefit from childcare subsidies worth up to £2,000 per child.
Will Your Family Be Better Off?
Use the Telegraph’s nifty Budget Calculator to find the bottom line on whether your family will be better off in the next tax year.