Budget 2013

Posted on March 21, 2013

Yesterday the Chancellor, George Osborne, delivered his fourth Budget statement for the coming year. Heralding his Budget as a mandate for those who aspire to ‘work hard and get on’, the Chancellor unveiled measures aimed at supporting businesses and individuals.

The key announcements were as follows:

  • An increase of £560 in the personal allowance to £10,000 from 6 April 2014.
  • Businesses and charities will have an Employment Allowance of up to £2,000 per year towards their employer’s NIC bill from April 2014.
  • The main rate of corporation tax will be reduced by 1% to 20% from April 2015.
  • The small profits rate of corporation tax will remain at 20%.
  • Personal tax losses will be capped to the greater of £50,000 or 25% of income from 6 April 2013.
  • From 6 April 2013 Entrepreneurs’ relief will be extended to cover gains made on shares acquired through the exercise of EMI options.

Download your full copy of the Budget booklet here.

If you would like to discuss any of the issues raised by the Budget, please do contact us.

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