Budget 2013

Please find attached ( Budget 2013 ) our summary of the key tax data in George Osborne’s Budget of 20 March. Many of the announcements were anticipated – however, the Chancellor did manage to produce a number of surprises, despite the economic constraints.

The Budget highlights include:

  • The personal allowance will be increased to £10,000 in 2014/15, and the higher rate threshold by £415 to £41,865.
  • A new tax-free childcare scheme, from autumn 2015, to provide 20% of childcare costs up to £6,000 per child per year, for children under the age of 12.
  • The new single-tier pension will now be introduced from April 2016.
  • An Employment Allowance of £2,000 for businesses and charities to set against their employer NICs from April 2014.
  • A single rate of corporation tax of 20% for companies from April 2015.
  • Stamp duty is to be abolished for shares listed on exchanges (e.g. AIM) from April 2014.
  • A limited one year extension of CGT reinvestment relief for Seed Enterprise Investment Schemes.
  • Measures to increase the supply of low-deposit mortgages for credit-worthy households including a government-backed mortgage guarantee scheme from January 2014.
  • Specific anti-avoidance measures alongside the new General Anti-Abuse Rule (GAAR).

We trust that you find the enclosed Budget Summary useful, and that it is a helpful basis for a discussion with us about your financial future.

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