We are currently looking at the detail of the Budget 2013 and will be prducing some blogs on a number of the key planning opportunities.
In the meantime we have detailed the key headlines
Taxation
- Personal tax allowance – to increase to £10,000 from April 2014
- Corporation tax to be reduced by a further 1% in 2015 to 20%
- Schedule 19 tax for UK domiciled funds to be abolished
- Stamp duty on shares trading on growth markets (e.g. Alternative
Investment Market (AIM)) to be abolished
- Major tax avoidance and evasion measures to be introduced, including
naming and shaming of firms promoting tax avoidance schemes
- Tax free child care vouchers to be introduced – 20% off first £6,000
per child
- Beer duty escalator scrapped altogether and beer duty to be cut on
Sunday 24TH March by 1p – all other alcohol duties to increase as planned
Transport/Fuel/Energy
- Fuel – Car fuel duty rise due in September 2013 cancelled
indefinitely
- Commitment to low carbon energy via plans to develop major carbon capture
and storage projects
- New generous tax regime for early investment in shale gas
Small
Business / Business in General
- Capital Gains tax relief for firms sold to employees
- Employment allowance to be introduced – Worth up to £2000 for every
business – effective from 2014 to help small an have d medium size enterprises
Housing
- Help to Buy Scheme introduced - £3.5 billion given to shared equity
loans – loan can be provided up to 20% of the value of a new build home –
5% deposit required. – interest free for first 5 years – repaid when home
is sold – available to anyone – home can’t be more than £600,000
- New mortgage guarantee to be provided to lenders – available to all
homeowners subject to responsible lending requirements being met – This
will support £130 billion worth of mortgages – starts in 2014 – Designed
to help support people without large deposits
- 15,000 more homes to be built and Right to Buy scheme to be extended
further
- Government to accept recommended pay increases for armed forces
Other
Points
- New single tier pension brought forward to 2016 - worth £144 per
week in today's terms
- Equitable Life With Profit policies sold before 1992 – Government to
pay £5000 ex gratia payment to policyholders
- Cap on social care costs to be introduced in 2017 and will protect
savings above £72,000
- Residential care threshold for means testing to increase to £118,000
from £23,000 in 2017
If you would like to find out more please contact us using grant@in2matrix.com for more information.
The information is intended to provide information only and reflects our understanding of legislation at the time of writing. Before making any decision, we suggest you take professional financial advice.
