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A summary of key announcements made in the Chancellor's Budget on 19 March 2014.
Key Private Client tax announcements
Many of the announcements in the 2014 Budget had been pre-empted in the December 2013 Autumn Statement. The key new announcements made in the 2014 Budget include far-reaching amendments to the way people access their pension savings and important changes to individual savings accounts. In the Chancellor's words, Budget 2014 was very much a budget for savers.
This document contains a summary of the key announcements relating to Private Clients. For business tax related announcements, see: Budget 2014--Lexis®PSL Tax analysis.
* This table only includes the personal allowance applicable to those born on or after 6 April 1948. The personal allowance for those born between 6 April 1938 and 5 April 1948 remains unchanged at £10,500 and the personal allowance for those born before 6 April 1938 remains unchanged at £10,660.
** There is a starting rate for savings income only. The starting rate limit for savings is £2,790 for 2013-14 and will increase for £2,880 for 2014-15. If an individual’s taxable non-savings income exceeds the starting rate limit the
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