A quick summary of the main points to come out of the 2012 Budget:

  • The Income Tax basic personal allowance is to be increased to £9,205 in 2013/14, and the higher rate threshold reduced by £1,025 to £41,450. 2012/13 basic personal allowance is £8,105.
  • Age allowance to be frozen from 2013/14 and then phased out
  • Additional rate of income tax reduced to 45% from 2013/14
  • 7% Stamp Duty Land Tax to be brought in for residential properties valued at over £2million and new measures to counter ownership through companies
  • Child benefit will be phased out where income is over £50,000
  • The main rate of Corporation Tax is being cut to 24% from April 2012 and to 22% by April 2014
  • Voluntary cash basis to be based on turnover for tax on profits of small unincorporated businesses.

Leave a Reply

Your email address will not be published. Required fields are marked *