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  March 2014 Budget
  
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  The budget approved by MPs set out plans for spending Â£732 billion in 2014-15, with forecast revenue of Â£648bn (a deficit of Â£84bn). 
  
  Key points from the budget[1][2][3]:
  
  * An increase in the personal income tax allowance from Â£9,440 to Â£10,000 for 2014-15.
  * A reduction in the threashold for starting to pay higher rate income tax from Â£31,865 to Â£32,010
  * Main rate of Corporation Tax reduced to 21% from April 2014.
  * A cap on total spending on welfare (subject to exclusions including payments to job-seakers and the state pension). Set at the current forecast spending levels, of Â£119.5bn in 2014-15 rising to Â£126.7bn in 2018-19.
  * Cut in duty on beer by 1 penny a pint
  * Increase of the maximum Tax-Free Childcare support available to Â£2,000 per year for each child
  * Extension of the Help to Buy: equity loan scheme to March 2020
  * Abolition of the top two bands of Air Passenger Duty, reducing the costs of long haul flights.
  * Â£140 million of new funding to repair flood defences that have suffered damage in the recent severe flooding
  * Â£200 million to establish a potholes challenge fund
  * Rate of the R&D tax credit for loss-making small businesses raised from 11% to 14.5%.
  
  
  
  The text of the motion approved in this vote was:
  
  :That,â
  :(1) It is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance.
  :(2) This Resolution does not extend to the making of any amendment with respect to value added tax so as to provideâ
  :(a) for zero-rating or exempting a supply, acquisition or importation;
  :(b) for refunding an amount of tax;
  :(c) for any relief, other than a relief that:
  :(i) so far as it is applicable to goods, applies to goods of every description, and
  :(ii) so far as it is applicable to services, applies to services of every description.
  
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  * [1] [https://www.gov.uk/government/publications/budget-2014-documents Budget 2014: documents]
  * [2] [https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293956/Notes_on_Resolutions_19_March_2014.pdf Notes on the March 2014 Budget Resolutions]
  * [3] [https://www.gov.uk/government/news/budget-2014-key-announcements Budget 2014 Key announcements]
  
  
  
  
  
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  (put thoughts and notes for other researchers here)
  