2015 Budget - key measures:
- £1 million for the Centre for Process Innovation to support the region’s science sector.
- New enterprise zone for oil and gas decommissioning to be launched at South Bank Wharf - a move which could bring “many hundreds” of jobs to Teesside.
- £1.3bn package of measures for the oil and gas industry. Includes:
- Petroleum revenue tax cut from 50% to 35% to support oil production in older fields
- Cut in the supplementary charge on companies’ profits from 30% to 20%, backdated to January.
- tax allowances to stimulate investment in the North Sea
- Compensation for energy-intensive companies to be brought forward to this autumn.
- £300,000 to be made available to promote tourism links between the North East and Scandinavia.
- Automotive industry support including £100m for driverless technology.
- Extension of small business rate relief.
- Corporation tax to be cut to 20% in April.
- Business rates system to be reviewed.
- A new Help To Buy Isa for first-time buyers.
- Personal income tax threshold to rise to £10,800 in 2016 and £11,000 from 2017. The move will cut tax for 27m people and make the typical working taxpayer £900 a year better off.
- Funding for UKTI-led activities in China to be almost doubled.
- Cancellation of fuel duty rise scheduled for this autumn.
- Annual tax return to be abolished.
- Pension pot lifetime allowance to be reduced from £1.25m to £1m from next year, saving £600m a year.
- Beer duty to be cut by 1p in the pint. cider duty reduced by 2% and wine duty frozen.
- Cut in lifetime pensions allowance from £1.25 to £1m.
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