BUDGET 2015: Key points

March 18, 2015
By

Economy

UK grew 2.6% in 2014, faster than any other advanced economy but lower than 3% predicted in December

2.5% growth forecast in 2015, up from 2.4% predicted in December, followed by 2.3%, 2.3%, 2.3% and 2.4% in the next four years

Alcohol, tobacco and gambling

Beer duty cut by 1p, cider by 2%, whisky by 2%. Wine duty frozen

Tobacco and gaming taxes to remain unchanged

Business

Tax on 'diverted profits' to come into effect next month, taxes multinational profits 'artificially moved offshore'

Annual bank levy to rise to 0.21%, raising an extra £900m

Supplementary charge on North Sea oil producers to be cut from 30% to 20% while petroleum revenue tax to fall from 50% to 30%

New tax allowance to encourage investment in North Sea

Adult, youth and apprentice minimum wage rates to rise

Farmers to be allowed to average incomes for tax purposes over five years

Consultation on tax relief for local newspapers

Infrastructure/transport/regions

New rail franchise for South West

Some tolls on Severn crossings to be scrapped from 2018

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