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| Mr Osborne holding a budget box |
George Gideon Oliver Osborne is a British politician and member of the Conservative Party also Second Lord of the Treasury and the Member of Parliament (MP) for Tatton. The Chancellor Mr Osborne has said he'll uncover the first Budget of a majority Conservative government on 8th July 2015. 4 months after his last Budget, the Chancellor of the Exchequer George Osborne plans more tax and pension changes for his first fully 'Tory' statement and he will detail the £12billion of spending cuts that were promised as part of the Conservative manifesto. The Conservative Party have set this 2015 second Budget for 08th July, the 1st Budget fully controlled by a Tory government in eighteen years. While the party has already make some radical changes, particularly around pensions and ISAs, that doesn’t mean there isn’t scope for more. Mr George Gideon Oliver Osborne is loyal on getting rid of Britain's debt, he has already announced plans to sell off taxpayer stakes in RBS, Lloyds Bank and Royal Mail to pay off debt.
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| “I am going to take the unusual step of having a second Budget of the year because I don’t want to wait to turn the promises we made in the election into a reality,” |
Pensions tax relief cut
The amount of annual pension tax relief available to the highest earners is set be whittled down to £10,000 from £40,000 a year. Ian Price, director at wealth manager St. James's Place has advised those who could be affected to act now. He said: “It might be worth bringing forward planned contributions to before the Budget to secure tax relief at current rates.
Income tax
The amount of annual pension tax relief available to the highest earners is set be whittled down to £10,000 from £40,000 a year. Ian Price, director at wealth manager St. James's Place has advised those who could be affected to act now. He said: “It might be worth bringing forward planned contributions to before the Budget to secure tax relief at current rates.
Income tax
The party went one step further and pledged to increase the threshold at which you pay 40% higher rate tax to £50,000. Following the lead of the Liberal Democrats, their former coalition partner, the Tories adopted the policy of increasing the personal allowance, meaning no income tax is paid on the first £12,500 you earn.
Cuts to child tax credits
The Chancellor has credits for working families in his firing line, according to reports. It's thought that he wants to take credits back to the levels seen in 2003/4, with scope for inflation, in a move that would save the nation's coffers £5billion. Those backing the idea have said the reduction would incentivise parents to work.
Cuts to child tax credits
The Chancellor has credits for working families in his firing line, according to reports. It's thought that he wants to take credits back to the levels seen in 2003/4, with scope for inflation, in a move that would save the nation's coffers £5billion. Those backing the idea have said the reduction would incentivise parents to work.
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