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The Chancellor announced a rise of the personal tax allowance which will raise the personal income allowance to £11,000 and will see a rise to £10,500 from April 2015. Employees with an annual salary below this amount are exempt from taxation – workers with a different salary will see a modest tax cut.
The NFDA is also pleased to see an increase of The National Minimum Wage to 3% for adult workers, as this is the biggest rise in seven years. The rise by 20p an hour to £6.70 will offer more financial security to workers. By 2020 the minimum wage is set to be £8 an hour. The corresponding increase in the minimum wage for apprentices will be offset by the abolition of national insurance.
Sue Robinson, NFDA Director
The Chancellor confirmed that Corporation tax from 1 April 2015 will be 20%. This will be one of the lowest rates in Europe, and will be welcomed by both UK business and international companies looking to invest in the UK.
INVESTMENT IN AUTOMOTIVE INDUSTRY
A new £100 million investment was announced in autonomous car projects in the UK. The Government wants to make Britain a centre of excellence in driverless cars.
COMPANY CAR TAX
The Chancellor has confirmed that he will raise company car tax ‘more slowly than previously planned’, and particularly will use the tax to encourage taking on ultra low emission vehicles (ULEV) by fleets.
In addition to the abolition of National Insurance for apprentices, the chancellor has confirmed that from April 2015 National Insurance will be abolished for under 21’s.