The 2014 Finance Bill - Personal tax 19 March 2014 0 comments Share Rates and allowances Personal allowance to be £10,000 for 2014/15 and £10,500 for 2015/16. Basic rate limit to be £31,865 for 2014/15 and £31,785 for 2015/16. From 2015/16 indexed income tax limits and allowances to be linked to the CPI rather than the RPI. 10% of personal allowance transferable between spouses or civil partners from 2015/16 (not higher or additional rate taxpayers). From 2015/16 10% starting rate for savings reduced to 0% and limit on income to which the rate applies increased to £5,000 (from £2,880 in 2014/15). Capital gains tax (CGT) annual exempt amount to be £11,000 for 2014/15 and £11,100 for 2015/16. Technical changes as regards the application of the Scottish rate of income tax. Capital gains tax ‘Final period exemption’ for CGT main residence relief reduced from 36 months to 18 months (except for certain individuals who are disabled or in a care home). Correction of a defect in the ‘split year’ residence rules for CGT. Investment reliefs New income tax relief (at 30%) and CGT relief for social investment. Seed Enterprise Investment Scheme made permanent. Changes to Venture Capital Trust (VCT) rules to prevent various abuses and permit investment via a nominee. Exclusion from VCTs of activities qualifying for subsidies from the Department of Energy and Climate Change (to be introduced during the passage of the Bill through Parliament). Income tax relief for interest on loans to buy an interest in a close company or employee-controlled company: extended to EEA companies. Other Comptroller and Auditor General to prepare an annual report on the administration of the Scottish rate of income tax. Income tax relief for non-resident competitors at Glasgow (athletics) Grand Prix 2014 and power to introduce exemption for similar events by statutory instrument.