union all not exists. , coalesce() isnull() full outer join .
select Id, desc, Allocation, changeBit
from proposed
union all
select Id, desc, Allocation, changeBit
from actual a
where not exists (select 1 from proposed p where a.id = p.id);
EDIT:
, :
select Id, desc, Allocation, changeBit
from proposed
where changebit in ('U', 'I')
union all
select Id, desc, Allocation, changeBit
from actual a
where not exists (select 1 from proposed p where a.id = p.id);
"U" "I" ( ). , , , , .