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.