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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

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