Chancellor George Osborne delivers his Budget for the coming year


  Chancellor George Osborne delivered his Budget for the coming year at 12.30pm today. Here we round-up the key announcements.

 

  • Income tax personal allowance to rise to £9,205 from April 2013.  For a basic rate taxpayer that means a gain of £220 per year.
  • Child benefit cuts for those families earning more than £50,000 will impact on a gradual basis.  Parents earning over £60,000 will lose child benefit all together.
  • 50p tax rate - HMRC reports the rate has raised £1billion. Confusingly, OBR adds that scrapping the rate will cost Treasury £100m. Rate for those on £150,000 will drop to 45 per cent from April 2013.
  • Tax avoidance cap so anyone claiming £50,000 of pension tax relief will have relief capped at 25 per cent of earnings.
  • Stamp duty on all £2million homes raised to 7%.
  • 15% Stamp duty on £2million homes bought by a company
  • No freeze in fuel duty rise of 3%.
  • Duty of tobacco to rise by 5% above inflation from tonight - 37p on a pack of 20 cigarettes.
  • The Downton Tax break - tax breaks on production enjoyed by the film industry will be extended to computer games and TV drama.
  • Mechanism to link rises in the state pension age with life expectancy to be announced in the summer.
  • Office for Budget Responsibility (OBR) has upped its forecast for UK growth in 2012 by 0.1 to 0.8 per cent. Growth next year is forecast at 2 per cent, 2.7 per cent in 2014 and 3 per cent in 2015 and 2016.

To discuss these key points further please do get in touch.  

Andrew Cross 01572 770552 or email andrew@arcus-tax.co.uk

www.arcus-tax.co.uk 


  • Date posted:
    21/03/2012
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