Budget 2012

George Osborne presented his third Budget on Wednesday 21 March 2012.

The Chancellor started by reaffirming the need for stability in the UK economy and finished in Churchillian style with phrases such as:

‘No people will strive as the British will strive.’
‘No country will adapt as the British will adapt.’
‘This country borrowed its way into trouble. Now we’re going to earn our way out.’

The main Budget proposals announced are:

• A further increase in the personal allowance but with a reduction in the basic rate band from April 2013.
• A reduction in the additional rate of income tax from 50% to 45% from April 2013.
• A phasing out of the age related personal allowances.
• Details of how Child Benefit will be taxed on those with income in excess of £50,000.
• An additional 1% cut in the main rate of corporation tax to 24% from April 2012.
• Increased Stamp Duty Land Tax on high value residential properties.

Details of the announcements and supporting documentation can be found on the Treasury website using the link below.

   Internet links:    Treasury Website Budget page

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