- HM Treasury
- TSO (The Stationery Office)
'Budget 2012 (HC 1853)' sets out the further action Government will take in three main areas: to maintain a stable economy; to reform the tax system based on fairness; and to make further reforms for growth.
Chapter 1 sets out the measures to realise these goals.
Chapter 2 provides budget policy decisions.
The measures outlined cover:
areas of personal tax;
tax measures affecting property, pensions and charities;
tax administration and supply side reform.
(a) The introduction of new Stamp Duty Land Tax rates of 7% for residential properties over £2 million and 15% to be applied to non-natural persons, such as companies taking effect from 21 March 2012, with consultation on the introduction of an annual charge.
(b) Personal Allowance will increase by a further £1,100 in April 2013 making the first £10,000 for those on low and middle income tax free.
(c) Child Benefit will be withdrawn through an income tax charge that will only apply to households where someone has an income over £50,000 a year.
(d) Personal tax statements will be sent out in 2014-15 to simplify taxpayer's income tax and national insurance contributions.
(e) The State Pension will be reformed into a single tier pension for future pensioners, the State Pension age will also increase in the future to take account of increases in longevity.
(f) The capital gains tax regime will extend to the disposal of UK residential property by non-residents.
(g) The top rate tax of income tax will be reduced from 50% to 45% from April 2012 and corporation tax by 1% from April 2012.
(h) Government investment of £60 million - will establish a UK centre for aerodynamics; and £130 million - will further support Network Rail in the Northern Hub rail scheme.
(i) In support of business there will be a consultation on simplifying Carbon Reduction Commitment energy efficiency scheme.
The economy is expected to experience subdued but positive growth, with recovery likely to be particularly uneven this year.
|Format||Paperback||Published||21 Mar 2012|
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