21
Mar

UK George Osborne's Budget March 2012

  • From April 2013, the 50p top rate of tax will be cut to 45p.
  • Personal income tax allowance raised to £9,205 from April 2013
  • 40% tax band threshold is reduced from £42,475 to £41,450.
  • Age-related income tax allowances to be removed for new pensioners from April 2013
  • Child Benefits phased out when someone in a household has an income of more than £50,000. It will fall by 1% for every £100 earned over £50,000.
  • Borrowing this year to be £126bn - £1bn less than forecast in the autumn
  • OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17.
  • From midnight, new stamp duty level of 7% for homes worth more than £2m. Any homes bought through companies will pay 15%.
  • Corporation tax cut to 24% from next month. By 2014 it will fall to 22%.
  • Consultation on simplifying the tax system for small firms with a turnover of up to £77,000.
  • Tax relief for the video games, animation and high-end television production sectors.
  • Relaxation of Sunday trading laws on eight Sundays during Olympics and Paralympics, starting July 22.
  • Cost of operations in Afghanistan to be £2.4bn less than expected.
  • Money saved will provide an extra £100m to improve military accommodation.
  • Government evidence to be published on the case for regional public sector pay.
  • "Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland.
  • Duty on all tobacco products to rise by 5% above inflation from 6pm today - the equivalent of 37p on a packet of cigarettes.
  • New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.
  • No change to existing plans on fuel duty - a 3.02p per litre increase will go ahead on 1 August. Vehicle excise duty to rise by inflation, but frozen for road hauliers.
  • Funding for superfast broadband and wi-fi in the UK's 10 largest cities. to be more like developed areas such as Tokyo, France..
  • Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year.
  • VAT loopholes and anomalies to be removed - including removing exemptions for sports nutrition drinks and hot takeaway products in supermarkets.

Read More / Source: bbc.co.uk/news/uk-politics-17449501
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