Budget 2012 Updates
Taxguide.co.uk takes a look at a number of changes announced in the 2012 Budget.
- The government has announced that it has doubled the council tax relief for those serving in the armed forces. Further information on the existing relief is available here.
- Enterprise zones will also be set up in locations including Dundee and Irvine.
- Tax relief for the videogames industry and high-end animation sector has also been proposed, similar to what exists for the film industry. George Osborne maintains that he wants to attract companies such as Disney to the UK.
- The plan to merge National Insurance and income tax was also reiterated.
- A cut in corporation tax to 24% was also announced with the plan being to have a corporation tax rate of 22% by 2014.
- The top rate of income tax is to be slashed from 50 per cent to 45 per cent
- Tax free allowance to raise to £9,205 from next April
- There will be a new cap on income tax relief of £50,000