Budget 2013

Budget 2013

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Budget 2013 announces further detail on the Government's deficit reduction plans, new steps to ensure monetary policy continues to support the economy (including a new remit for the Monetary Policy Committee), and further measures to ease the long-term pressure on the public finances. Central government departmental expenditure limits will be reduced by Ap1.1 billion in 2013-14 and Ap1.2 billion in 2014-15, with the funds used to support housing. Schools and health budgets remain unchanged. Public sector pay awards will be limited to an average of 1 per cent. Budget 2013 is fiscally neutral. Action to promote growth includes: a reduction in corporation tax by 1 per cent in April 2015; from April 2014 giving businesses and charities an entitlement to a Ap2000 employment allowance per year towards their employer National Insurance contributions, designed particularly to help small businesses; capital spending increase by Ap3 billion a year; providing Ap1.6 funding to support strategies in 11 key sectors; creation of a Single Local Growth Fund; introduce a new housing scheme, Help to Buy comprising an extension of the First Buy scheme and mortgage guarantee for lenders who offer mortgages to people with a deposit of between 5 and 20 per cent on homes with a value up to Ap600, 000; reducing the qualifying period for Right to Buy; doubling the existing affordable homes guarantee programme, to support a further 15, 000 affordable homes in England by 2015. Other measures include: first Ap10, 000 of income to be tax free in 2014-15; cancellation of planned fuel duty increases; a new tax-free Childcare Scheme and increased child support in Universal Credit; implement the Ap72, 000 cap on reasonable social care costs; reduce beer duty by 2 per cent; crackdown on tax avoidance, with the Isle of Man, Guernsey and Jersey entering into tax information exchange agreements.(Finance Bill 2013) 2.91 Annual Investment Allowance (AIA) a€” As announced at Autumn Statement 2012, the Government ... (Finance-Bill 2013) 2.92 Research and Development (Raamp;D) tax credit: a#39;Above the Linea#39; (ATL) a€” As announced atanbsp;...

Title:Budget 2013
Author:Great Britain. Treasury
Publisher:The Stationery Office - 2013-03-20


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