Many of the announcements in the 2013 Spring Budget 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).
Read our detailed summary of the announcements made here