Budget 2013 Summary
Most analysts seem to think that this budget is broadly pro-business and there has been support from the business community for many of the Chancellor’s proposals. The key highlights are;
- 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 1st September 2013.
- An increase in the new above the line research and development tax credit to 10% from 1st April 2013
- The removal of Stamp Duty on shares traded in growth markets such as AIM and ISDX Growth Market from April 2014
A summary of the budget can be accessed at
http://www.grant-thornton.co.uk/Services/Tax/Budget/Budget-2013-summary/