PresentedWednesday 8 July 2015 PartyConservative Party Total revenue£672 billion
Parliament56th ChancellorGeorge Osborne Total expenditures£743 billion
The 2015 United Kingdom summer budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 8 July 2015.
This was the first fully Conservative budget since that presented by Kenneth Clarke in 1996.
Background
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).
The budget passed with a majority of 30 votes (320 votes for, 290 against with 36 abstentions).
All Conservative MPs voted for the budget (with 9 abstentions). The Labour party voted against the bill with 19 MPs abstaining.
Measures
£750 million extra granted to HM Revenue and Customs to tackle tax avoidance
Income tax personal allowance raised to £11,000
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
Inheritance tax threshold raised to £1m by 2017 for married couples
An £800 increase in the amount of maintenance loan paid out to poorer students, paid for by replacing maintenance grants with loans
Benefits cap reduced to £23,000 in London and £20,000 in the rest of the country
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
Confirmation that the BBC has agreed to absorb the £650m cost of providing free television licences for over-75s
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
