Budget 2013: The Key Points You Need To Know

Written By Unknown on Rabu, 20 Maret 2013 | 22.55

The main Budget announcements by the Chancellor, George Osborne:

:: New Employment Allowance to take the first £2,000 off the employer National Insurance bill of every company from next April.

:: Personal tax allowance will be raised to £10,000 from 2014 meaning no income tax on an individual's first £10,000 of earnings.

:: Abolishes beer duty escalator. Cuts beer duty by 1p effective from Sunday night. Planned rises for all other alcohol duties maintained.

:: Cancels 3p-per-litre fuel duty rise scheduled for September.

:: New Help-to-Buy scheme for those struggling to find mortgage deposits will include a Government interest-free loan worth 20% of the value of a new build house. New mortgage guarantee sufficient to support £130bn worth of loans.

:: Flat rate pension worth £144 a week to be brought forward to 2016.

:: Wide programme to tackle tax avoidance and evasion to bring in £3bn in unpaid taxes.

:: Help for employees includes more generous shareholder status, Capital Gains Tax relief for sales of business to workers and a doubling to £10,000 for tax-free loans for commuters' season tickets.

The Budget Osborne: Employment Allowance was the Budget's biggest tax measure

:: Corporation Tax rate cut to 20% from April 2015. Abolishing different rates. Levy on bank balance sheets raised to 0.142% from next year.

:: Stamp Duty on shares in Alternative Investment Market (AIM) scrapped.

:: Two major carbon capture and storage projects and offering new tax incentives for manufacture of ultra low emission vehicles and production of shale gas.

:: Annual extra spending on infrastructure of £3bn from 2015/16.

:: Public sector pay rises to be limited to 1% for a further year to 2015/16. Armed Forces to receive full recommended increase in "X-Factor" payment in May and be exempted from changes to progression pay.

:: Whitehall department budgets to be cut by 1% after £11bn under-spend this year, with protection for schools and health.

:: There will be an updated remit for the Bank of England's monetary policy committee. The 2% CPI inflation target will remain.

:: The deficit continues to come down. Deficit has fallen from 11.2% of GDP in 2009/10 to a forecast 7.4% this year and is expected to fall to 6.8% next year, 5.9% in 2014/15, then 5%, 3.4% and 2.2% by 2017/18.

:: OBR has revised down forecast for growth but suggests Britain will miss triple-dip recession. Growth now estimated at 0.6% in 2013 (halved) and 1.8% in 2014.

:: OBR estimate for employment revised up, with 600,000 more jobs expected in 2013 than this time last year.


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