Taxation
- Basic rate of income tax raised by £235 to £9440
- Higher rate tax threshold to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then to £42,285
- Main rate of corporation tax to be cut to 21% from April 2014
- Inheritance tax threshold to be increased by 1% next year
- ISA contribution limit to be raised to £11,250 from next April
Benefits and Pensions
- Working age benefits to rise by 1% in each of the next 3 years
- Annual pension relief allowance reduced to £40,000 from 2014/15
- Lifetime pension relief allowance down to £1.25m
- Maximum amount taken through income drawdown increased from 100% to 120% of GAD rate
- Basic state pension up by 2.5% to £110.15 per week
- Child benefit up by 1% for two years from 2014
Fuel
- The planned 3p increase to fuel duty cancelled
Jobs
- Unemployment set to peak at 8.3%
Transport
- Extra £1bn on road improvements
- £1bn loan to extend to Northern Line
Education
- £1bn to improve good schools and build 100 new free schools
- £270m for further education colleges
Infrastructure
- £600m for scientific research
- Ultra-fast broadband expansion in 12 cities
£200 Pension Cashback Offer
Make a qualifying deposit or transfer a pension to our partner Interactive Investor.
- Deposit or transfer a pension of at least £20k and you could earn £200 cashback
- Terms and Fees apply, Capital at risk
- New & Existing customers opening a SIPP
- Offer ends 30th June 2026
Before starting your transfer, check you won't lose any valuable benefits (such as guaranteed annuity rates or a lower protected pension age) and find out what exit fees you might have to pay
Provided by our partner
