July 2015 United Kingdom budget

The background to the budget was that of significant economic growth at 3%.

The budget proposes spending of £742 billion and an income of £673 billion in 2015-16; a deficit of £69 billion (almost 10% of UK public spending).^[5]

The budget passed with a majority of 30 votes (320 votes for, 290 against with 36 abstentions).^[6]

Conservative MPs voted for the budget (with 9 abstentions). The Labour party voted against the bill with 19 MPs abstaining.

This section needs expansion. You can help by adding to it. (July 2015)

• £750 million extra granted to HM Revenue and Customs to tackle tax avoidance
• Income tax personal allowance raised to £11,000^[7]
• Ordoliberal measures to introduce tax incentives for large corporations to create apprenticeships, aiming for 3 million new apprenticeships by 2020
• A national living wage of £9 an hour to be introduced by 2020 for 25+ year olds^[8]
• Inheritance tax threshold raised to £1m by 2017 for married couples^[8]
• An £800 increase in the amount of maintenance loan paid out to poorer students, paid for by replacing maintenance grants with loans
• Benefit cap reduced to £23,000 in London and £20,000 in the rest of the country^[7]
• Starting in April 2016, the Dividend Tax Credit will be removed and replaced with a tax-free Dividend Allowance of £5,000 for all taxpayers, with new rates of tax for dividend income above that amount^[9]
• Confirmation that the BBC has agreed to absorb the £650m cost of providing free television licences for over-75s^[8]
• Non-domiciled individuals
  • Non-domicile status can no longer be inherited
  • Non-domiciles who have lived in the UK for the past 15 of the last 20 years will have to pay normal taxation^[8]