A quick summary of the main points to come out of the 2012 Budget:
- The Income Tax basic personal allowance is to be increased to £9,205 in 2013/14, and the higher rate threshold reduced by £1,025 to £41,450. 2012/13 basic personal allowance is £8,105.
- Age allowance to be frozen from 2013/14 and then phased out
- Additional rate of income tax reduced to 45% from 2013/14
- 7% Stamp Duty Land Tax to be brought in for residential properties valued at over £2million and new measures to counter ownership through companies
- Child benefit will be phased out where income is over £50,000
- The main rate of Corporation Tax is being cut to 24% from April 2012 and to 22% by April 2014
- Voluntary cash basis to be based on turnover for tax on profits of small unincorporated businesses.