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Tax updates

Tax changes for 2011–12: Employees

From April 2011 the amount of higher-rate and additional-rate income tax relief will be restricted for new entrants to childcare voucher salary sacrifice schemes.

Tax changes for 2011–12: Inheritance tax

The nil-rate band remains at the 2009–10 level of £325,000 and will remain at that level up to and including the 2014–15 tax year.

Tax changes for 2011–12: Capital gains tax

The tax-free allowance for 2011–12 has not yet been announced.

Tax changes for 2011–12: Savings and investments

The individual savings account (ISA) limit increases to £10,680 (£5,340 for the cash ISA) from 6 April 2011.

Tax changes for 2011–12: Homes and property

For first-time buyers only, the nil-rate threshold for stamp duty has been increased to £250,000 for a period of two years from 25 March 2010 to 24 March 2012 inclusive.

Tax changes for 2011–12: Paying and reclaiming tax

The arrangements allowing small businesses to request extra time to pay their taxes (Business Payment Support Service) are to continue for now.

Tax changes for 2011–12: Tax credits

The child element of child tax credit (CTC) will rise by £255 to £2,555 per year.

Tax changes for 2011–12: Reliefs

The lifetime limit for pension benefits and savings remains at £1.8 million in 2011–12 but will be reduced to £1.5 million for 2012–13.

Tax changes for 2011–12: Income tax and allowances

In 2011–12, the personal allowance for people under age 65 will rise by £1,000 to £7,475.

Tax changes for 2011–12: Introduction

In 2010, the election of a new government after the first Budget, and the continuing fallout from the global financial crisis, led to two Budgets and three finance acts being enacted.

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