A fuller review discussion of today’s Budget 2012 will be available for Retained Financial Planning Clients. One or two Key Points:-
•HM Government to extend Capital Gains Tax regime to gains on disposal of UK residential property by non resident non-natural persons such as companies from April 2013
•15 per cent rate of Stamp Duty Land Tax on all residential properties over £2 million purchased by non-natural persons such as companies •7 per cent SDLT for residential properties over £2 million
•All uncapped tax reliefs now capped – any claim over £50,000 will be capped at 25% of income. •Top rate of income tax down from 50% to 45% from April 2013
Corporation tax down from 26% to 24% in April 2012, 23% in April 2013 and to 22% in April 2014.
•Child Benefit withdrawn through an Income tax charge applied to households where someone has an income over £50k a year – graded between £50k to £60k and then fully applied where someone earns over £60k
•State Pension will be reformed into a single tier pension for future pensioners – set at a level above the means tested standard Guarantee Credit and all State Pension records will be recognised •Age related personal allowances will be frozen from 6 April 2013
•introducing an above the line R&D tax credit from April 2013 with a min rate of 9.1% before tax which can be claimed by loss making companies. More consultation to follow. •Personal Tax allowance increased to £9,205
•Qualifying Policy rules are changing – a premium limit of £3,600 – variations on policy term are being looked at also.
We hope you find this useful.
Any queries re Budget 2012 – please do not hesitate to get in touch.
Photo Credits: Flickr/HM Treasury/National Archives