Below are the 2012 Budget highlights.

• Personal allowance to be increased to £9,205 in 2013/14, and the higher rate threshold reduced by £1,025 to £41,450.
• Age allowance to be frozen from 2013/14 and then phased out.
• Limit on maximum amount of income tax reliefs that can be claimed from 2013/14.
• Additional rate of income tax reduced to 45% from 2013/14.
• 7% SDLT rate for residential properties valued at over £2 million and new measures to counter ownership through corporate entities.
• No changes to main pensions tax reliefs.
• Restrictions on the tax relief available on benefits from regular premium life assurance policies.
• Child benefit to be phased out where income is over £50,000.
• Corporation tax main rate cut to 24% from April 2012 and to 22% by April 2014.
• Voluntary cash basis based on turnover for tax on profits of small unincorporated businesses. In consultation but likely to start from 6 April 2013.
• An increase from £120,000 to £250,000 in the individual grant limit for EMI schemes.
• A further tightening of the car benefit rules through to 2016/17.

Please contact us if you would like to know more.  However, a more detailed analysis will be published soon.