2012 Budget Highlights

Wednesday, March 21, 2012
Belsize Accountancy in 7% stamp duty, agre related alliowances frozen, budget, income tax threshold, main rate of corporation tax cut to 24%, personal allowance, tax reliefs capped at 25%

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.

Article originally appeared on Belsize Accountancy (https://belsizeaccountancy.co.uk/).