budget 2012

Budget 2012 – Annual Tax Rates and Allowances

Introduction 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 ris... »