Budget 2013 Overview

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June 25th 2022
Tax Week 12
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Budget 2013 Overview

Read our full breakdown and overview of the 2013 UK Budget

The Treasury has now published the full breakdown of Chancellor George Osborne's Budget report for 2013.

The OOTLAR gives you a by department breakdown of rates, allowances and other figures.

Income Tax changes

From the start of the 2014/2015 tax year, the basic tax free personal allowance will be raised to £10,000. No mention as yet of plans for National Insurance, but for the meantime this means there will be no tax to pay on up to £10,000 of income for the vast majority of taxpayers.

Childcare changes

There is a new 20 percent tax relief available for childcare costs from 2015 - initially detailed to be up £6,000 per child. This scheme would replace the current tax efficient method of using childcare vouchers.

Pension changes

The single flat-rate pension to be brought forward one year, so will start at £144 per week from 2016.

The Economy - facts and figures
  • Bank of England to keep the target rate for inflation at 2 percent.
  • Unemployment claimants to drop by 60,000 this year with the expectation of 600,000 more jobs.
  • Forecast for growth dropped again, this time halved to 0.6 percent from the expected 1.2 percent - with the UK seeing off recession by the end of the year.
  • Deficit ratio to fall by a third to 5 percent by next year.
  • Governmental departments to see streamlining due to cuts in budgets over the next two years of 1 percent.
  • Main rate corporation tax to be leveled with small business to create a single 20 percent rate from 2015.
  • Businesses to be eligible for a £2,000 contribution toward their employers national insurance bill. For up to 450,000 firms this would cover their entire bill.
  • Shares traded on the AIM will no longer attract stamp duties.
  • Tax incentives for cars classified as 'Ultra low-emission'.
  • Shale gas industry to get tax allowances.
  • Commitment to £15 billion of new road, rail and construction projects over the next six years, with the first £3 billion spend starting in 2015/2016.
  • 3 pence fuel duty increase in September axed.
  • 3 pence beer duty increase from April axed. A cut of 1p planned from today instead. The annual escalator axed too, but will remain for wine, cider and spirits.
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