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Bingo! Chancellor George Osborne delivers his fifth Budget

By The Citizen  |  Posted: March 19, 2014

Osborne

George Osborne

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CHANCELLOR George Osborne has unveiled his fifth Budget – and good news is in store for hard working families and the licensed trade.

Not only has he delivered cuts to the price of beer a freeze on cider duty, he has also cut tax for bingo halls which is hoped will bring bigger prizes.

The ‘working peoples’ Budget will also help the middle classes as every voter will get a £100 tax cut.

But he said the job to see a recovery in the economy “is far from done” and told MPs that Britain still does not save nearly enough.

Taxation

- Income tax will not start until you earn £10,500

Bingo duty will be halved to 10 per cent

- Income tax threshold of 40p to rise from £41,450 to £41,865 next month and then a further one per cent in 2015 to £42,285.

- Members of the emergency services will no longer pay inheritance tax.

- Homes owned through companies – tax will be extended to residential properties worth more than £500,000. The previous value was £2m.

Savings

-Good news for savers. A new Isa will be launched with cash and shares to be merged into a single Isa with an annual tax free savings limit of £15,000 from July 1.

-Savers 10p tax rate will be abolished.

-Premium Bonds cap to rise from £30,000 to £40,000 in June and £50,000 next year.

Pensions

-The requirement to buy an annuity will end and all restrictions on pensioners access to their pension pots will be lifted.

-The taxable part of pension pot taken as cash on requirement will be charged at normal tax rate – down from 55 per cent.

-People will now be able to take a lump sum from pension savings up to £30,000.

Fuel, Alcohol and Tobacco

1p cut in duty on a pint of beer.

Cider duty frozen.

Planned fuel duty rise for September will not happen.

A rise of two per cent above inflation for tobacco duty.

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4 comments

  • Lecorche  |  March 20 2014, 9:49AM

    Not Gideon's finest hour. He'd already cut off our living standards at the knees yet offers a select few shares in a sticking plaster. He's part of a bunch of braying retards (as seen live on tv) who are a disgrace to parliament. How can a crowd of millionaires (on the front benches of both sides the house) possibly know what the shytte end of the austerity stick is like to live on? We voters are not monkeys. Stop offering us peanuts!

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  • uk_socrates  |  March 19 2014, 4:33PM

    @Selina30. How is it a shambles? What was you expecting then........?

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  • SELINA30  |  March 19 2014, 3:50PM

    Another Tory shambles. Osbourne has been and continues to be an economic disaster. A Zombie Budget presented by one of the walking dead.

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  • uk_socrates  |  March 19 2014, 3:21PM

    Seems a pretty sensible budget. I think the idea of scrapping inheritance tax for emergency service workers is an interesting idea.....It will be interesting to see if this makes much difference. Maybe scrapping council tax for FRONT-LINE emergency service workers might of been a better call?? (That said I worry that this budget change, might cause some job envy from some people). Also there is a growing number of poor people on minimum wage!. An increase to £7 an hour for companies that make profits over £2 million a year, would of been nice to see. There a lot of people who work very very very hard in retail, restaurants, hotels, and fast-food outlets who are struggling to get by.

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