Budget Day On Wessex FM

Money

Published at 6:57am 16th March 2016. (Updated at 1:05pm 17th March 2016)

What does George Osborne's budget for 2016 mean for you? We have all the answers.

Budget Day On Wessex FM

The Chancellor has announced a new sugar tax on the soft drinks industry in his budget.

It'll take effect in 2 years time, and the money raised will use to boost schools funding.

George Osborne's also announced that fuel duty will be frozen for the sixth year in a row - and there will be no change to duty on beer, cider or Scotch whisky.

He is going ahead with additional spending cuts totalling 3 and a half billion pounds by 2020.

Corporation tax is fallling again to 17 per cent in April 2020.

He's also announced an increase in the tax on insurance premiums - which will be used to boost flood defences.

Labour says it's a budget that has unfairness at its core - paid for by those who can least afford it.

Richard Bugler, a partner at Albert Goodman Chartered Accountants, Tax Consultants and Financial Planners in Weymouth, has been giving his thoughts to Wessex FM.

 

1:36pm

Personal allowance to increase to £11,500 in April 2017

1:34pm

ISA limit to increase to £20,000 per person from £15,000

1:29pm

Beer, Cider and Whisky duty frozen

1:28pm

Fuel duty frozen for the 6th year in a row

1:09pm

Tax loopholes closed for global businesses all money raised to help small business

12:56pm

Attack on tax avoidance schemes to save 12 billion

12:47pm

We now have 75% employment in the UK, the highest since 1971

12:43pm

UK GDP growth reduced down to 2% in 2016

12:38pm

Chancellor George Osbourne claims to be on course for a budget surplus

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