Highlights from the Budget 2013

Chancellor George Osborne says that the Budget has been created ‘for an aspiration nation’. How will this budget support individuals and businesses still feeling the sting of austerity?

budget-highlights-300px“If you want to work hard and get on; we are on your side,” said chancellor George Osborne in his Budget 2013 statement, adding that this year’s Budget was “for an aspiration nation”.

A Budget for those who aspire to “own their own home, get their first job, or start their own business”.

With a new Help to Buy scheme, £3.5 billion will be invested in shared equity homes, offering loans of up to 20% of the value of new homes under £600,000.

Planned increases in fuel duty have been scrapped, as has a beer duty escalation. Whilst a 1p reduction to a pint of beer may be just what pub landlords across the UK have been waiting for, wine drinkers will see an increase of 10p per bottle.

The economy is expected to grow by 0.6% in 2013, not the 1.2% that was initially expected. Osborne admitted that economic improvement was taking longer than expected, and stressed that “we are, slowly but surely, fixing our country’s economic problems”.

Here are some of the Budget highlights:

General

  • Whitehall spending cuts will reach £3bn, to fund a capital expenditure programme.
  • Fuel duty increase of 3p per litre has been scrapped.
  • Beer to have 1p reduction per pint.

Individuals

  • Personal allowances will increase to £10,000 from next year.
  • Tax on income over £150,000 will be reduced, from 50% to 45%.
  • HMRC will be able to collect greater amounts of unpaid tax through PAYE for higher earners.

Business

  • An estimated 450,000 small businesses will pay no jobs tax. Employment allowance will cut National Insurance bills by £2,000 per employee.
  • Corporation tax to be gradually reduced by 3%, falling to 20% from 1 April 2015.
  • Beneficial loans from employers to employees will be doubled to £10,000 from next year.

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