This Budget is packed full of policies that deliver Liberal Democrat priorities:
- Help for lower and middle income earners by increasing the Personal Allowance by further £200 so that from April 2016 the tax threshold increases to £10,800 and from April 2017 to £11,000. By 2017/2018, 27.2 million workers will have benefited from increases in the personal allowance and we will have lifted over 3.7 million out of income tax altogether.
- Help for children with mental health problems by providing £1.25bn of new funding over the next five years to treat 110,000 more children with mental health issues, and provide rapid access to treatment for new mothers.
- Help for motorists by cancelling Labour’s fuel duty increase for September, so that fuel duty will have been frozen for 5 years – the longest freeze for more than 20 years.
- Help for people buying a house with a new Help to Buy ISA providing up to £3,000 for first time buyers using their savings to buy a home.
- Help for savers by creating a new savings income allowance so that 95 per cent of individuals can now save completely tax free.
- Help for pensioners by introducing Steve Webb’s proposal to give people who have already bought an annuity greater flexibility over how they access its value.
And it is all fully paid for by delivering on Liberal Democrat policy:
- By reducing the lifetime allowance for pension contributions that benefit from tax relief from £1.25m to £1m – affecting only the top 4% of wealthiest individuals.
- By increasing the bank levy which will raise £4.4bn over the next five years.
- By cracking down on off-shore tax evasion and aggressive tax avoidance on those who are serial avoiders.
- By ensuring capital gains tax entrepreneurs’ relief is well targeted and only available when someone is making a meaningful withdrawal from that business.
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