UK Budget 2013 – company tax rate reduced to 20% and Individuals’ jump in tax free threshold one year earlier in 2014/15 [101]

The UK Chancellor of the Exchequer, George Osborne, delivered the 2013-14 Budget on 20 March 2013. Key points include:

• reducing the main rate of corporation tax to 20%.
• making the first £10,000 of people’s income free from income tax a year ahead of schedule – the personal allowance will be increased by £560 to £10,000 in 2014-15;
• introducing a Tax-free Childcare scheme so that working families can pay for childcare effectively tax-free;
• a significant crack down on tax avoidance and evasion, designed to raise over £4.6bn in new revenue over the next 5 years.

[LTN 55, 21/3/13]