UK Budget 2012

A fuller review discussion of today’s Budget 2012 will be available for Retained Financial Planning Clients. One or two Key Points:-George Osborne outside No 11 with the Budget Box 2012
•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.
HM Treasury •Child Benefit withdrawn through an Income tax charge applied to households where someone has an income over £50k a year – graded between £50k to £60k and then fully applied where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

About The Editor

Fresh Views and Up to Date News...
This entry was posted in Business Financial Planning, Chartered Financial Planner, Financial Planning, Independent Financial Advice, News, Tax Advice and Administration and tagged , , , , , , , , , , , , , , . Bookmark the permalink.