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Draft Budget statement 2015

Produced by the Treasury and Exchequer
Authored by Treasury and Resources and published on 18 Jul 2014
Prepared internally, no external cost


​​​​​​​​​The draft budget statement was issued on Friday 18 July 2014. A summary of the proposals were as follows:​​​

​Summary of Budget 2015 proposals

  • maintaining the Marginal Rate at 26% for 2015
  • increasing all tax exemption thresholds by 1.7%
  • reducing the stamp duty on the cost of borrowing on lower value properties (Nil for the first £300,000 then 0.25% on the balance up to a maximum property cost of £400,000)
  • increasing the stamp duty payable on purchasing residential property costing £1m or more on a rising scale
  • cap mortgage interest tax relief at £15,000

Key considerations of Budget 2015

  • maintain a stable tax system and sustain a lower marginal rate of taxation
  • enable recovery and protect our strong financial position.
  • support the housing market which is showing signs of recovery
  • continue to put more money into the economy than is taken out of it by protecting capital spending and making no significant tax changes
  • support long term savers by providing greater flexibility on the tax treatment of pensions
  • modernisation and simplification of the tax system, making it equitable for all tax payers

Download draft Budget 2015 statement (size 3.1mb)

Download Budget 2015 public presentation slides (size 1.28mb)

Download Addendum to Budget 2015 (size 416kb)​

Download Budget Statement 2015 as amended (size 4.8mb) 

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