reduction in corporation tax to 20 per cent from April 2015 were some of the key announcements for businesses in Chancellor George Osborne's Budget 2013.

They form part of a Budget described as being for 'people who aspire to work hard and get on.'

Key announcements include:

Business tax

• A reduction in the main rate of corporation tax to 21 per cent in April 2014 and by a further one per cent to 20 per cent April in 2015. The Government will also aim to unify the small profits rate and the main rate to create a single rate of corporation tax
• A new Employment Allowance from April 2014, taking £2,000 off the National Insurance contributions bill for every employer. It is estimated that 450,000 of the UK's smallest businesses will no longer pay employer NICs
• The small loans exemption limit - as an employer benefit in kind - will double from £5,000 to £10,000. Employers using this can offer employee tax-free loans to pay for items such as season commuter tickets
• Introduction of a 50 per cent capital gains tax relief on gains realised in 2013/14 and reinvested into the Seed Enterprise Investment Scheme (SEIS)
• A new 'above the line' (ATL) credit for large company research and development (R&D) investment from April 2013, increasing the ATL credit to 10 per cent before tax/li>
• An abolishment of the stamp duty reserve tax charge on certain collective investments, including growth markets such as the AIM.

Business finance

• Introduction of Growth Vouchers, to provide £30 million to SMEs helping them overcome barriers to growth
• Although there were no references in the Chancellor's speech, the Budget Document states the first business strategy for the Business Bank will be announced on 22 March.

Other announcements

• Plans to boost investment in infrastructure by £3 billion a year from 2015-16. The Government will also consider options for making more use of independent advice in shaping its infrastructure
• Introduction of a new shale gas field allowance and an extension to the expenditure supplement from six to ten years on shale gas projects to promote investment.