Budget 2013

Our expert blow-by-blow guide and commentary running throughout the Chancellor's 2013 Budget

  • Capital gains tax holiday for SEIS extended to 2013/14 gains, although limited to 50%

    Francesca Lagerberg Head of Tax

    20/03/2013 13:30

  • 20% corporation tax rate from 2015, a reduced rate and simpler system

    Martin Lambert Head of Corporate and International Tax

    20/03/2013 13:15

  • Good to see stamp duty abolished on AIM in line with the report we worked on with the London Stock Exchange

    Francesca Lagerberg Head of Tax

    20/03/2013 13:00

Latest:

  • OBR growth forecast: 0.6% in 2013, 1.8% in 2014 and 2.3% in 2015
  • Public sector pay rises limited to 1% in 2015/16
  • Infrastructure - capital spending will increase from 2015 by £3bn a year
  • Personal allowance raised to £10,000 from 2014 (£9,440 in 2 weeks' time)

Budget 2013 

On 20 March the Chancellor announced his Budget for the coming year. The key announcements covered:

  • A reduction in the corporation tax rate to 20% from April 2015
  • A £2,000 employment allowance from April 2014
  • A new capital gains tax relief on the sale of a controlling interest in a business from 2014
  • Income tax and National Insurance relief on shares for employee shareholders from 1 September 2013
  • An increase in the new above the line research and development tax credit to 10% from 1 April 2013
  • The removal of Stamp Duty on shares traded in growth markets such as AIM and ISDX Growth Market from April 2014

The Finance Bill 2013, published on 28 March 2013 contains (amongst other things), legislation to introduce:

  • A general anti-abuse rule from the date of Royal Assent
  • A limit on income tax reliefs from 6 April 2013
  • An 'above the line' research and development tax credit from 1 April 2013
  • A statutory residence test from 6 April 2013
  • Corporation tax reliefs for the creative sector from 1 April 2013
  • An annual tax on enveloped dwellings from 1 April 2013 (and capital gains tax on such dwellings from 6 April 2013)

Read detailed analysis

Detailed analysis - Personal Tax

Budget 2013 live

Blogs

Related information

‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd (Grant Thornton International). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. www.grant-thornton.co.uk