Some very brief budget bullet points …
· Income Tax threshold to rise to £10,000 in 2014, a year early – an increase to the threshold of £560.
· Corporation tax will be cut by 1% to 20% in April 2015.
· The government will give CGT relief on sales of businesses to their employees
· A new ‘Employment Allowance’ – Every company in the UK is able to get up to £2,000 cut from their NICs next April in an attempt to boost job creation.
· First time buyers wishing to buy a home worth less than £600,000 is to be given assistance; as long as they have a 5% deposit, the government will contribute an extra 20% – repayable when the house is sold.
· The care home fee cap will be brought forward to 2016 at £72,000.
· Stamp duty on AIM shares to be abolished from next April.
· Government will consult on options for transferring savings held in CTFs into Junior ISAs.
· The government has pledged to make £5,000 ex-gratia payments to Equitable Life customers who were too old to be eligible for compensation.
· The start of the single tier state pension has been bought forward a year to 2016/17 tax year (bringing forward the loss of contracting out rebate for defined benefit members).
· As per the autumn Statement 2012, the lifetime allowance will reduce from £1.5m to £1.25m from 2014/15.
· The government will consult on the details of a fixed protection regime in Spring 2013 to be included in the Finance Bill 2014.
· As per the Autumn Statement 2012, the annual allowance will reduce from £50,000 to £40,000 from 2014/15.
· The government will increase the capped drawdown from 100% to 120% of GAD from 26 March 2013.