After seven successive austerity budgets it is most welcome to be commenting on a budget that sets out measures which somewhat reduce the income tax burden and begins the process to reform the universal social charge.

We are pleased to provide our summary of the main taxation measures announced in Budget 2015 together with an outline of the economic projections supporting the drafting of the budget.

Whilst the measures announced in this budget are important, the implementation of these measures will be of more significance and we note that it is the Minister’s intention to introduce the Finance Bill on 23 October 2014, which will legally impose most of the changes announced today. We will also be commenting in detail on the Finance Bill when published. Should you have queries on any aspect of the Budget, please contact a member of our team, who will be happy to assist you.