A summary of the key business tax announcements made in the Chancellor’s Budget on 21st March 2013

Budget 2013 analysis

Introduction

This summary of the key business tax announcements made in the Chancellor’s Budget on 21st March 2013 has been put together by the LexisPSL Tax team, to provide a single source for all key business tax announcements. Alongside these announcements, the team provide analysis of what this means to your practice and your clients, and provide links to relevant external sources (including the HMRC website), and further practical guidance in LexisPSL Tax.

After taking the brave step of joining twitter earlier in the day, the Chancellor of the Exchequer, George Osborne (@George_Osborne), delivered his fourth Budget on Wednesday 20 March 2013.

The economic climate facing the Chancellor continues to be challenging.

Despite:

• three years of austerity
• cutting the UK’s level of borrowing by a little over one quarter (from approximately £167bn in 2009-10 to £121bn in 2012-13 and 2013-14)
• a general consensus that the economy is showing some signs of recover