ISBN: 9780102982275 Publisher: TSOYear of publishing: 2013 Format: Paperback
No of Pages: 114 Language: English
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),...Read more
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 GBP1.1 billion in 2013-14 and GBP1.2 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 GBP2000 employment allowance per year towards their employer National Insurance contributions, designed particularly to help small businesses; capital spending increase by GBP3 billion a year; providing GBP1.6 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 GBP600,000; 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 GBP10,000 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 GBP72,000 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. Read less