ARTICLE · 20 MARCH 2013

Personal Tax And HVRP Matters

Deloitte

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The Chancellor stated several times his aim for this to be a Budget for people who "aspire to work hard and get on."

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The Chancellor stated several times his aim for this to be a Budget for people who "aspire to work hard and get on." Several measures are being introduced to support this aim:

The introduction of a £10,000 personal allowance from 6 April 2014, reducing tax bills for 24 million taxpayers by £200 and taking 2 million people out of the tax system altogether. The Government had previously announced an ambition to introduce a £10,000 personal allowance by the end of the current Parliament in 2015, so it is good to see this accelerated by 12 months.
The tax free limit that employers can provide tax free loans to Loans for employees has been doubled from £5,000 to £10,000. The limit had been £5,000 for many years so this is good news for employees who receive tax free loans from their employers for things like season tickets. For those increasingly travelling significant distances to their place of work and paying more than £5,000 for their season tickets, this will be

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