Our budget calculator website has now received an update
for today's, 20 March 2013, UK Budget.
20 March 2013 - Budget Update
Key points to note from today's announcement are:
- Tax Free Allowances For People born after 5 April 1948 to be £10,000 from 6 April 2014 - then increasing in line with inflation from 2015.
- Higher rate threshold will be raised by 1 percent to £31,865 from 2014. A fall from the 2013 level of £32,010.
- The first £2,000 will be taken off all employers' National Insurance contributions.
- Pay rise cap for public sector to 1% - Military exempt.
- Fuel Duty rises planned for September are now scrapped - saving a potential 3 pence per litre increase.
- Beer duty rises scrapped and duty itself cut from this Sunday by 1 pence.
- £3 billion spending on infrastructure.
- OBR Growth forecast for 2013 0.6%.
- Capital Gains Tax Annual Allowance to be £10,900 from 2013 - rise of £300
- Company Car Tax - Introducing two new bands from 2015-16 for cars emitting CO2 0-50g (5%) and 51-75g (9%), all bands over 75g will increase their percentage by 2%, to a maximum of 37% CCT
- VED will increase in line with inflation, apart from heavy goods vehicles and buses which will have VED frozen in 2013.
- Main rate corporation tax to be 20% - the same as small rate from 2015. The bank levy increases to fund this cut.
Another addition, is the changes to welfare with the introduction of Universal Credit. Although not rolled out nationwide until October 2013, some parts of UK will be start using the new system from next month.
Our 2013 Universal Credit Calculator
is also available and has been already updated for any changes to the legislation.