George Osborne presented his Budget on Wednesday 20 March 2013.
Main new Budget tax proposals
- Date set for increase in the personal allowance to £10,000.
- New scheme for tax free childcare.
- Further reduction in the main rate of corporation tax to 20% from 1 April 2015.
- Employee-shareholder contracts will be exempt from income tax and NIC for the first £2,000 of shares received.
- The introduction of an allowance of £2,000 per year for all businesses and charities to be offset against their employer Class 1 NIC liability from April 2014.
- A capital gains tax re-investment relief for gains made in the tax year 2013/14 where the gain is invested in Seed Enterprise Investment Scheme shares.
Significant non-tax measures have been announced to tackle long-term problems in the housing market and are covered in our summary.
Our Budget Summary focuses on the issues likely to affect you, your family and your business. If you have any questions please do not hesitate to contact us for advice.