Here’s a summary of the major points from Chancellor George Osborne’s Budget, delivered on 20^th March 2013, which have the biggest impact for our clients and their families

Tax & Duty

• The limit of tax free earnings will be increased to £10,000 in 2014
• Corporation tax for businesses to be reduced to 20% from 2015
• The introduction of a new “employment allowance” will cut national insurance bills by up to £2,000. This will mean that there will no employers’ national insurance for 450,000 of the UK’s small businesses.
• The planned increase in fuel duty in September has been scrapped
• The planned annual increases in beer duty has been scrapped and replaced by a 1p reduction. All other planned increases in alcohol duties remain at 2% above inflation.

Housing

• The extension of shared equity schemes with interest-free loans up to 20% of value of new-build properties.
• New bank guarantees to underpin £130bn of new mortgage lending for three years from 2014.

Pensions & Families

• The single flat rate state pension of £144 per week will be introduced in 2016 – a year earlier than previously announced.
• The introduction of 20% tax relief on childcare vouchers up to £6,000 per child from 2015

Additional information to be provided as it’s released by the Government