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News - 14 March 2013

The Budget: what will it bring?


Tonmoy Kumar and Stuart Coleman of ABDS are convinced that the 2013 Budget will be based upon stimulating the economy, but there are always a few surprises that the Chancellor manages to pull out of the famous Red Box. We asked our two gurus what their predictions are.

 

  • Incentivising business creation, the Government should be looking at reconsidering income tax loss relief restrictions for businesses.
  • Helping First Time Buyers by re-introducing tax relief on mortgage interest and having a Stamp Duty holiday.
  • Cutting corporation tax to 21% to help inward investment.
  • Dropping Capital gains tax back to 25% from 28%.
  • Greater scrutiny aimed at cutting corporate tax evasion in multinational companies
  • Increase in the tax free personal allowance to £10,000
  • Extending the time limit in Annual Investment Allowance to £250k to encourage more investment
  • Ways to  encourage investment in owner managed business to bridge the bank funding gap.
  • More encouragement for savers
  • Changes in the Child Benefit Higher Charge to address the anomaly whereby husband and wife each earning £49,999 do not suffer the restriction but a couple earning £50,001 and £49,999 each is caught
  • Closure of outdated reliefs and anomalies in the income tax legislation.
  • Employment-related share schemes aimed at incentivising employees.
     

We at ABDS will keep you informed of all the changes and the ramifications of the 2013 Budget as it unfolds on the 20th March 2013

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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