Budget 2012

March 21st, 2012

Following George Osborne’s Budget announcement, Group Tax Director GILL MOLLOY gives an overview of the key points….

Recent Economic Developments and Prospects

Three key challenges have been recognised as affecting the UK economy;

 

According to the ONS, in 2011 the UK economy grew by 0.8%, manufacturing output grew strongly by 2% and although GDP fell by 0.2% in the last quarter, the UK was broadly within the ONS forecasts. Many countries in Europe experienced negative growth.
The latest private sector business surveys points to a pick-up in UK output at the beginning of 2012. Both the OBR and Bank of England expect growth to resume in the first quarter of this year but to remain uneven through 2012

Personal Tax

Income Tax Rates for 2013/14:

 

 

Personal Allowance & Basic Rate Limit:

 

Age related Allowances:

 

 

 

Enterprise Investment Scheme and Venture Capital Trusts: Simplification:

 

 

 

 

EIS and VCTs: Increase to thresholds:

 

 

 

 

Enterprise Management Incentives:

 

Child Benefit:

 

 

 

 

Company Car Tax Rates & Fuel Benefit Charge:

 

 

 

Business / Corporate

Rates of Corporation Tax (CT):

 

Controlled Foreign Companies (CFC’s):

Patent Box:

Enhanced Capital Allowances Schemes:

VAT

Hot Food and Premises:

Sports Nutritional Drinks:

Holiday Caravans:

Other:The supply of self storage will no longer be able to qualify for VAT exemption. This will apply to supplies made on or after 1 October 2012 and anti-forestalling legislation will apply to supplies made on or after 21 March 2012.

Stamp Duty Land Tax (SDLT)

High Value Residential Property:

All Taxes / Other

Tobacco Products Duty Rates:From 6pm on 21 March 2012 the rates of duty on all tobacco products imported into, or manufactured in, the UK will increase by 5% above retail price inflation. This measure will add 37p to a packet of 20 cigarettes.
If you have any queries or require further clarification on any of these areas, please contact Group Tax Director GILL MOLLOY or another member of the Tax Planning team on 0161 7032500 or e-mail gill.molloy@championgroup.co.uk


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