The Budget 2015 - quotes from Moore Stephens

Opening address was more like an election rally than a Budget speech!

Real household disposable income is higher in 2015 than 2010 – but do households feel it?

Describing debt falling on a percentage of GDP as “paying down the debt” is an interesting choice of words when the actual debt is still rising!

£5bn to be saved by attacking tax evasion and aggressive tax avoidance. Will this be possible without attacking vanilla tax planning?

Even as a percentage of GDP, the national debt is almost constant at 80% for the next 2 years and doesn’t really start to fall until 2017-18.

Much amusement as Chancellor announced deeds of variation to save IHT!

The banks take another bashing – bank levy increased to 0.21% and non tax deductions for compensation payments.

Pension lifetime allowance cut to £1m but there will be relief that the annual allowance of £40k is left unchanged.

10% cut in the supplementary tax rate paid by the oil industry is significant and welcomes support as it struggles with low oil prices.

More money being raised from top 1% of tax payers – does this start the argument for a reduction in the top rate of tax to 40%?
Increased personal allowance – but the Chancellor careful not to mention national insurance!

Cancellation of September fuel duty increase is pure electioneering – the Chancellor could have used fall in pump prices to justify the increase!

Has Miliband been left bruised by a Chancellor that says that Britain is walking tall again?


Business tax team
Private client tax team