Main Tax Proposals

  • Personal allowance £10,000 from April 2014
  • Employment allowance £2,000 per year
  • New scheme for tax free childcare
  • Reduction in main rate of corporation ta to 20% from 1 April 2015
  • Employee-shareholder contracts will be exempt from income tax and NIC for the first £2,000 of shares received
  • Capital gains tax reinvestment relief for gains made in the tax year 2013/14 where gain is invested in SEIS shares.

Previous proposals

  • Restrictions to higher age related personal allowances and their availability
  • Increase in Annual Investment Allowance from £25k to £250k
  • Introduction of cash based reporting for smaller businesses.