The Chancellor unveiled a range of measures that left no doubt that the ‘age of austerity’ is not yet over – though thanks to a steady stream of pre-Budget announcements and leaks, Mr Osborne had little to offer in the way of surprises. The Budget highlights included:
- The personal allowance will be increased to £9,205 in 2013/14, but the higher rate threshold will be reduced by £1,025 to £41,450.
- There will be a limit on the maximum amount of income tax reliefs that can be claimed from 2013/14.
- As expected, from 2013/14 there will be a drop in the higher rate of income tax from 50% to 45%.
- The so-called ‘mansion tax’ has taken the form of higher stamp duty on house sales over £2 million.
- Child benefit is to be phased out where income is over £50,000.
Should you wish to discuss the implications of the budget on your investments and pensions, or you’d like one of our brand new tax cards, please contact us >>