Budget Summary March 2013

Posted on 20th March, 2013

Chancellor George Osborne has cut his official growth forecast in half, but insisted the UK would avoid a "triple dip" recession. In what has been described as a "fiscally neutral" budget, the economy if unlikely to move much either way.

 

Businesses benefit with reduced Corporation Tax & reduction in NI payable. Unfortunatly the average tax payer will only save this year if heavy beer drinkers...!

 

To summarise the main, relevant points:

 

* September's 3p fuel duty rise scrapped

 

* April's 3p rise in beer duty scrapped. Instead, beer duty to be cut by 1p

 

* Annual inflation +2% rise in beer duty to be ended but "duty escalator" to remain in place for wine, cider and spirits

 

* Limit at which people start paying tax to be raised to £10,000 in 2014 - a year earlier than planned

 

* Corporation tax to be cut by 1% to 20% in 2015

 

* New employment allowance to cut national insurance bills cut by £2,000 for every firm

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