The Budget: Summary
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Your support makes all the difference.VALUE-ADDED TAX
VAT to be levied on domestic fuel bills at 8% from 1 April 1994 and 17.5% from 1995. VAT registration threshold raised from pounds 36,600 to pounds 37,600 - Page 3
EXCISE DUTIES
No increase on spirits. Beer up 1.5p a pint and wine up 5.5p a bottle. A packet of cigarettes up 10p. Gaming machine licence duty raised by 20% - Page 2
CARS AND PETROL
Leaded petrol up 15p a gallon and unleaded and diesel by 12p. Car tax raised to pounds 125. Tax on company cars linked to price not engine size - Pages 3 and 9
INCOME TAX
20p tax band increased to pounds 2,500. Employees' National Insurance contributions to rise to 10% in 1994. Tax credit on dividends cut to 20% - Page 2
HOUSING
Stamp duty threshold for houses doubled immediately to pounds 60,000. Mortgage tax relief to be reduced to 20p in the pound from 1994 - Page 5
BUSINESS/INDUSTRY
Reform of Advance Corporation Tax. Extra credit cover for exporters and a lowering of credit insurance rates. Tax loopholes closed - Pages 2 and 7
SMALL COMPANIES
Increased VAT relief for bad debts. Capital Gains Tax deferral for entrepreneurs. Improvements to the Loan Guarantee Scheme - Pages 3 and 5
OTHER MEASURES OTHER BUDGET MEASURES
A pounds 230m package designed to provide 100,000 opportunities for the long-term unemployed, including a vocational education programme, a Community Action programme and workstart pilot schemes - Page 3
Further transitional help on business rates worth pounds 370m - Page 3
A new system of self-assessment to be introduced for the self-employed and some employees from 1996 - Page 5
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