Budget Report 2013

Click here to read our Budget Report 2013.  The report, which was written immediately after George Osborne delivered his Budget, is intended to provide an overview of the announcements most likely to affect you or your business.

From a tax perspective the headlines include:

  • the promised £10,000 personal allowance (now from 2014 rather than 2015)
  • a further reduction in the main rate of corporation tax to 20% (from 2015)
  • a new flat £2,000 relief from employers' national insurance (from 2014)
  • a partial exemption of the CGT exemption for gains reinvested in SEIS investments
  • the usual raft of anti-avoidance provisions

Various changes (such as the Statutory Residence Test, the General Anti-Abuse Rule and what is now called the Annual Tax on Enveloped Dwellings) have been the subject of lengthy consultation over the last year or two, while full details of others, together with some final tweaks to these, will not emerge until the Finance Bill is published on 28 March.

Finally, a number of new consultations are expected shortly to produce further changes from April 2014.

It is important to remember that tax planning is an ongoing, year-round process. If you have any questions please do not hesitate to contact us for advice.