Who are the winners and losers of the Budget?
Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, takes a look at the winners and losers of this year's Budget.
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Some Budget leeway but it is a very gloomy outlook
Osborne surprisingly had a fair amount of leeway in his Budget. But we have to set all this in the context of a very gloomy overall picture.
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How the Chancellor's Budget plans to help business
- New Employment Allowance will take the first £2,000 off the employer National Insurance bill of every company in the country
- Around 450,000 small businesses - one third of all employers - will pay no employer National Insurance at all after introduction of Employment Allowance in April next year
- Small firms will be given help through Government procurement budgets, growth vouchers and controls on regulators' charges
- The Capital Gains Tax holiday will be extended
- Corporation tax to be reduced by a further 1% to 20% in April 2015
- Small company and main rates of corporation tax merged at 20p
How will the Chancellor's Budget affect you?
Here are some of the measures announced by Chancellor George Osborne that could affect voters' wallets:
- Rise in personal allowance brought forward to 2014, meaning no income tax on the first £10,000 of earnings
- Tax free child care vouchers worth £1,200 per child and increased support for families with children on universal credit
- Flat rate pension worth £144 a week to be brought forward to 2016
- Fuel duty rise scrapped
- Help for Equitable Life policy holders extended to those who bought with-profits annuities before 1992, with payments of £5,000 and extra £5,000 for those on lowest incomes
- Planned 3p rise in beer duty tax scrapped and replaced by a 1p cut in duty on a pint of beer
- New Help-to-Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new build house
- Cap-on social care costs to come in in 2017 and protect savings above £72,000
Chancellor offers help for employees in Budget
- More generous shareholder status
- CGT relief for sales of business to workers
- Tax help to return to help after sickness
- A doubling to £10,000 for tax free loans for commuters' season tickets
Cameron: Tax cut on the way for millions in the UK
Speaking during Prime Minister Questions, ahead of the Budget statement, David Cameron said:
In two weeks' time there will be a tax cut for 24 million people in this country as we raise the amount of money you can earn before you pay tax.
We will have taken over 2 million people out of tax altogether. We've frozen the council tax and cancelled fuel duty increase after fuel duty increase and we are legislating to put customers on the lowest electricity tariff.
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