Budget 2012 – Annual Tax Rates and Allowances
George Osborne’s third budget was once again a "budget for growth" just like last year, but the chancellor also stated it as a "budget for business" saying that it "unashamedly backs business and is on side of aspiration."
The key points of the budget 2012 for small business were:
- The cutting of the 50 top tax rate to 45p from April 2013
- Increasing personal income allowances to £9,205 from April 2013
- Cutting corporation tax to 24% from April 2012
- Announcing new Scottish enterprise zones in Dundee, Irvine and Nigg and a Welsh enterprise zone is to be created in Deeside.
- Simplifying the tax system
- Offering tax relief to video games, animation and high-end TV production businesses
- No changes to fuel duty
- Vehicle Excise Duty (VED) will rise in line with inflation but will be frozen for road hauliers
- The consideration of enterprise loans so that young people can start their own busiensses
NOTE: The figures contained in this article are subject to amendment as the Finance Bills pass through Parliament. This article is a guide only and advice should be taken before acting on its contents.