Budget booklet 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 the Garratts budget booklet PDF