​​The 2013 Budget Statement was issued on 17 October 2012, and debated in December 2012.

A summary of the proposals were as follows:

Income tax

In this year’s budget it is proposed to increase the income tax exemption thresholds in line with inflation. At 3%, this is higher than the average increase in earnings and will benefit taxpayers by over £5 million. It is a measure that seeks to protect those households on lower incomes and it will reduce the number of people who are subject to income tax. This is entirely in keeping with the Council of Ministers’ commitment to promote family and community values.

There will not be any changes to the income tax allowances. The 2012 rates will be maintained.

Impôts duty

• increase the duty on alcohol with:
  • 10% on spirits and wines;
  • 8% on strong beer and cider; and
  • 5% increase on weaker beer and cider (not exceeding 4.9% abv)
• increase the rate of duty on all tobacco products by 10%
• increase the rate of duty on all fuels by 3p per litre
• increase all Vehicle Emission Duty bands by 5%​