UK Budget 2005 - Personal finance
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Biggest giveaway aimed at first-time buyers
Anyone hoping for pre-election giveaways from chancellor Gordon Brown would have been disappointed. The biggest giveaway was the increase in the threshold for stamp duty, which is expected to give some relief to first-time buyers.
Boost for inheritance tax threshold
The chancellor on Wednesday raised the inheritance tax threshold beyond the expectations of many accountants, with the announcement of a 14.5 per cent rise over three years from April 2005.
Brown’s tax credits aid working families
The chancellor eschewed a blanket pre-election income tax giveaway in favour of providing extra help for working families, a move that will most benefit people on lower incomes with children.
Chancellor moves to encourage savers
The chancellor extended the life of individual savings accounts (Isas), the government?s flagship tax-efficient investment vehicle, until 2010, a year longer than the industry had expected.
Bus fare deal reduces English anomaly
The government's decision to offer free off-peak local area bus travel for all people aged over 60, and disabled people, marks a belated attempt to catch up with Scotland, Wales and Northern Ireland
Nursery places get VAT boost
Moves to make it easier for local councils to provide more and better children's centres were unveiled as the chancellor promised to refund VAT charges.
Rise in fuel duty postponed again
Motoring and trucking lobby groups welcomed the chancellor’s decision to postpone until September 1 an increase in road fuel duty, but environmental groups attacked a measure increasing the private car’s cost advantages.
Same tax benefits for same-sex couples
Same-sex partners who register their relationship in a civil partnership will get the same tax benefits as married couples, it was formally announced.
Cigarette price hikes lower than expected
A smaller than expected rise in the price of cigarettes and inflation-only increases in beer and wine failed to appease the industry, however, the decision to freeze petrol duty and some vehicle tax was well-received.
