Key Points of Budget 2013

Key Points Budget

Chancellor George Osborne has delivered his 2013 budget. Here are some of the key points.

Income Tax
• The tax free allowance to be raised to £10,000 in 2014, a year earlier than planned.

• Interest free loans up to 20 percent given for new mortgage lending.

Fuel, Alcohol and Cigarettes
• The planned 3p rise in beer duty scrapped to be replaced by a 1p cut.
• The planned 3p fuel duty rise in September scrapped.

• 600,000 more jobs expected this year than at the same time last year
• Unemployment claimants to fall by 60,000.

• Growth forecast for 2013 downgraded from 1.2 percent to 0.6 percent.
• Growth predicted to be 1.8 percent in 204, 2.3 percent in 2015 and 2.7 percent in 2016.

Help for Business
• Employer national insurance bills to be cut by £2000 for every firm.
• Tax relief for investment in social enterprises.
• Corporation tax to be cut by 1 percent to 20 percent in 2005.
• Stamp duty to be axed for investments in growth markets.
• Agreements with tax havens such as Jersey to recoup £3 billion in unpaid tax.

• Percent tax relief on childcare up to £6,000 per child from 2015.

• Cap on housing care costs confirmed
• Single flat rate pension of £144 per week brought forward to 2016.

Spending and Pay
• Most government departments to have budgets cut by one percent in the next two years.
• Schools and health services to be exempt from cuts.
• £11.5 billion further cuts planned for 2015-16 Spending Review

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.