Summer Budget 2015 Infographic | What you need to know

summer budget 2015

Budget 2015

MoneyPlus Features Team

8th July 2015 at 3:47pm

Summer budget 2015

The savings revolution continued today with George Osborne’s Summer Budget 2015. The key points for savers to consider focused on inheritance tax, pensions and income tax. The infographic below helps explain these 3 key areas.

Final Budget infographic

Inheritance Tax

Inheritance tax will change from 2017 – the tax-free allowance will gradually go up to £1m for some couples.

Income Tax

The tax-free personal allowance is going up to £11,000 and fewer of us will pay tax at 40%.

Pensions

From 2016, if you earn more than £150k, the taxman won’t pay as much into your pension but your pension could potentially grow tax-free.

For more on Summer Budget 2015

Check out our Consumer Finance Expert Julie Hutchison’s 60 second round-up video where she covers the headlines on the savings and tax changes or our expert opinion on what the budget means for you.

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