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Budget Summary 2012

Posted on March 22, 2012 by admin

Please CLICK HERE to view our tax tables, outlining the key tax data in George Osborne’s Budget of 21 March.

The Chancellor unveiled a range of measures that left no doubt that the ‘age of austerity’ is not yet over – though thanks to a steady stream of pre-Budget announcements and leaks, Mr Osborne had little to offer in the way of surprises. The Budget highlights included:

• The personal allowance will be increased to £9,205 in 2013/14, but the higher rate threshold will be reduced by £1,025 to £41,450.
• There will be a limit on the maximum amount of income tax reliefs that can be claimed from 2013/14.
• As expected, from 2013/14 there will be a drop in the higher rate of income tax from 50% to 45%.
• The so-called ‘mansion tax’ has taken the form of higher stamp duty on house sales over £2 million.
• Child benefit is to be phased out where income is over £50,000.

We trust that you find the enclosed tax rates useful, and that you find them to be a helpful basis for a discussion with us about your financial future.

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