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.