Budget 2015

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18 / 3 / 2015 12.26pm

Chancellor George Osborne has delivered his final Budget of this Parliament.

Key announcements of interest to employers in the NHS include:

  • an increase in the tax-free personal allowance from £10,600 to £10,800 in 2016/17 and £11,000 in 2017/18
  • an increase in the higher rate tax threshold from £42,385 to £43,300 by 2017/18
  • pension-pot lifetime allowance to be reduced from £1.25m to £1m from next year, and index linked from 2018
  • cancelling of the fuel duty increase, scheduled for September 2015
  • abolition of National Insurance contributions for under 21s this year, and for apprentices in April 2016
  • minimum wage for apprentices to increase by 20 per cent to £3.30 per hour
  • increase in mental health provisions for children and for maternal mental illness
  • development of a health strategy with teaching hospitals in the north as part of plans to build a ‘northern powerhouse’
  • further funds for some local air ambulance services
  • VAT refunds for blood bike charities.

We will add further detail for employers as it becomes available, and the full Budget can be found on the Government’s website.

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