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Budget 2012 documents – HM Treasury – the details from source

Budget 2012 documents – HM Treasury, all here from source – http://t.co/Y5WWS9z0

 

Overall, it was a Budget good for business and hopefully encourage Foreign Direct Investment into the UK.

 

Some of the key measures:

 

  • Main rate of corporation taxation reduced from 26% to 24% from April 2012 and then to 22% from April 2014
  • Top rate of personal taxation reduced from 50% to 45% from April 2013
  • Government considering enterprise loans for young people starting their own business
  • Personal allowances increased to £8,105 from April 2012 with a commitment to increase it to £10,000 by 2015
  • New 7% stamp duty(from midnight (21/03/12)  tax for properties worth more than £7 ml. and a 15% rate for homes bought through companies
  • Child benefits cuts to be phased in for families with at least one parent earning £50,000 and completely cut for those on £60,000+ (transitional relief for those between £50k and £60k)
  • Age related (those over 65)  personal allowances to be removed from April 2013 – effectively frozen until the personal allowance catches up
  • Bank levy increased to 0.105% from January 2013 to ensure corporation tax cuts do not benefit the banks
  • Pensions: New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year

 

For further details contact us on 020 8390 6360.

 

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