A quick summary of the main points to come of the 2013 budget:
- Date set for increase in the personal allowance to £10,000.
- New scheme for tax free childcare.
- Further reduction in the main rate of corporation tax to 20% from 1st April 2015.
- Employee-shareholder contracts will be exempt from income tax and NIC for the first £2,000 of shares received.
- The introduction of an allowance of £2,000 per year for all businesses and charities to be offset against their employer Class 1 NIC liability from April 2014.
- A capital gains tax re-investment relief for gains made in the tax year 2013/14 where the gain is invested in Seed Enterprise Investment Scheme shares.
- Significant non-tax measures have been announced to tackle long term problems in the housing market and are covered in the Other Matters section of this summary.