Simpkins Edwards Partner, Adrian Hemmings, commented:
“The Chancellor delivered an overt but effective pre-election budget, which included a raft of measures to help many different key groups, from pensioners to first-time homebuyers.
“His proposed increase to the personal tax allowance to £10,800 next year and an increase in the top rate tax threshold to £43,300 in 2017-18 are among the measures likely to have the most far-reaching impact. In addition, a new personal savings allowance starting next year would mean the first £1,000 of interest on savings would be tax-free for everybody.
“The UK’s vast number of small businesses is a key feature of our country’s economy. The Chancellor’s proposal to abolish Class Two National Insurance continues the theme started with the £2,000 National Insurance allowance in the last budget, of supporting businesses in this way. It will be interesting to find out more about the proposed shake up of the self-assessment scheme. In theory we’d assume this would reduce red tape but the devil will be in the detail.
“At a personal level, many individuals in the South West also stand to benefit from the new help proposed for first-time buyers. The Help to Buy ISA would allow Government to top-up by £50 every £200 saved for a deposit. We also hope that the £7bn investment in South West transport will improve Devon’s roads and rail infrastructure.”