Who gets what in the Budget?

The Chancellor Of The Exchequer yesterday announced a change in the threshold at which people start paying tax. The new threshold will be £10,500 and will be welcomed by low income families. The government also announced an increase in the threshold that people pay the 40p tax rate.

Some are concerned that the 40p tax rate threshold should be increased further but the Chancellor may well be saving this for the Budget in 2015 just before the general election in what would be a sweetener for the electorate.

Inheritance tax will be waived for members of the emergency service who give their lives doing their job. Duty on Fixed odds betting terminals will be increased to 25%. Many campaigners have been lobbying the government over these machines as they are considered to be the crack cocaine of the betting industry. They have been blamed for a big increase in gambling addicts who are know to have lost thousands in a short space of time.