2012 Budget Highlights

Budget Highlights

• Rise in Income Tax Threshold to £9,205 in 2013
• 50p top rate of income tax reduced to 45p from April 2013
• Tax reliefs claimed by individuals capped at 25% of total income
• Main rate of Corporation tax cut to 24%
• Age related allowances to be frozen in what has been dubbed the “Granny Tax”
• New 7% Stamp Duty Land Tax (dubbed the “Mansion Tax”) on properties worth over £2m
• No planned restrictions to pension contributions as initially proposed

For more details and analysis of the 2012 budget, please refer to our latest news section.