How the 2013 budget benefits Northern Ireland

Now that Chancellor George Osborne has delivered the government's 2013 Budget the analysis and commentary on who wins and who loses begins. In Northern Ireland in particular, quite a large number of people and businesses stand to benefit from the announcements in the budget.

Approximately 618,00 tax payers in Northern Ireland will see the amount of income tax they pay fall as a result of the increase of the personal allowance amount to £9,440, which is also due to increase again in April of next year. The new allowance amount means that another 7,000 people in Northern Ireland will not have to pay any income tax. Around 80,000 families in Northern Ireland also stand to benefit from the 20% tax relief on childcare up to £6,000 per child which will begin in 2015.

As for businesses in Northern Ireland, around 25,000 companies stand to benefit from savings on National Insurance, with 10,000 businesses being lifted out of National Insurance contributions altogether. Businesses, as well as individuals, will also welcome the cancellation of plans to introduce a 3p increase in fuel duty.