2013-03-20 – London
The budget announced today by the Chancellor has included some good news for small businesses and for lower income earners.
The most notable changes announced today include:
- A new employment allowance will cut NI bills by £2,000 – some 450,000 businesses will not pay employer’s NI
- The limit at which people start paying tax raised to £10,000 from 2014.
- The inflation target of 2% will stay in place, but a new set of monetary powers has been given to the Bank of England.
- From 2015, families will receive 20% tax relief on childcare, up to £6,000 per child.
- Pensioners will receive a £144 flat-rate pension from 2016 with a cap on social care costs.
- 20% corporation tax from 2015
- Interest-free loans will be made available of up to 20% of the value of newly built homes.
The full text of today’s budget speech can be found on the Treasury website:
http://www.treasury.gov.lk/depts/fpd/budgetspeech/2013/budgetSpeech2013-eng.pdf
