UK Budget 2012

21 March 2012 16:30 - Victoria Wedderburn

    



UK Budget 2012

Today George Osborne outlined his Budget. He is cutting the tax rate for earnings over £150,000. The top rate of tax will be cut from 50p to 45p from April 2013. As well as this he is going to raise the threshold at which people start paying tax to more than £9,000, which will leave millions of working people £200 better off. Osborne said that, “This Budget supports working families and helps those looking for work.” He added, “It unashamedly backs business. And it is on the side of aspiration: those who want to better for themselves and for their families.”

While Osborne said the Budget “rewards work” Labour’s Ed Miliband called it a “millionaire’s Budget.”

Other important measures outlined include:

- Corporation tax to fall from 26% to 24% in April 2012, down to 22% in 2014

- New 7% stamp duty rate for properties worth more than £2m and a 15% rate for £2m homes bought through companies

- Child benefit cuts to be phased in for families with at least one parent earning £50,000, and axed for those on £60,000

- UK growth forecast raised slightly to 0.8% and borrowing to be £1bn less than previously forecast

- Tobacco duties to rise by 5% above inflation from 1800 GMT - equivalent to 37p on the price of a packet of cigarettes.

- Fuel duty rise of 3p a litre to go ahead as planned

- State pension age to be automatically reviewed, to ensure it keeps pace with life expectancy

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Related Links :
HM Treasury - Budget 2012 documents
Deloitte UK - Deloitte UK provides the Budget 2012
Economic Calendar - For scheduled economic events
Latest News - Stay current with regular news updates

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