SPEED READ George Osborne’s debut Budget is most significant for what he didn’t say. The 50% top income tax rate is here to stay and the 1% NIC increase for both employers and employees next April is unexpectedly going ahead. Employers setting up small businesses outside London and the South East will benefit from a year-long NIC holiday for up to 10 employees. There is an increase in the personal allowance to £7,475 – but only for basic rate (and non-) taxpayers. The pension rules are to be simplified. The likelihood is that tax relief will be restricted to contributions somewhere in the range from £30,000 to £45,000.
