Budget - March 2012 - Summary
The contents of George Osborne’s third Budget were so well rehearsed by politicians, pundits and papers that the real thing threatened to be an anti-climax. One wag tweeted that the Budget was replaced by a Chancellor’s review of the morning’s newspapers. Was there anything left that the Chancellor could surprise us with, especially as he had such little fiscal room for manoeuvre?
The answer was both yes and no. After all the rumours about 50%, 45% or even 47% income tax, Mr Osborne decided to make the change to 45% from April 2013. His 2013/14 increase in the personal allowance allowed him to start phasing out the age allowance – an unexpected revenue-raising ploy.
The stamp duty land tax increase for homes valued at £2 million or more was well telegraphed, and accompanied by some unexpectedly severe anti-avoidance provisions that could affect existing owners.
The impact of the child benefit removal for higher earners was softened by increasing the threshold and phasing it in. However, people with very large incomes could be pained by the proposed new limit on total income tax reliefs.
Businesses should be pleased with the predicted reduction in corporation tax rates and the surprise uplift in the enterprise management incentive (EMI) limit.
There were many anti-avoidance provisions including proposed consultation on a general anti-abuse rule.
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Click here to download 2012/2013 Tax Tables.
Budget - March 2011 - Summary
Private jets will now incur passenger duty, petrol has dropped by a massive 1 pence per litre, Millenium Gift Aid has been postponed for the next 989 years, more alcohol will cost more and less alcohol less, but to find out what the budget really means to you click here.....
Bishop Fleming Rabjohns Budget Summary - March 2011
Emergency Budget - June 2010 - Summary
George Osborne presented his first Budget on Tuesday 22 June 2010.
Ominously titled an Emergency Budget and with plenty of advance indications that it was going to contain unwelcome news for everyone, it also broke with tradition by seeking to set out the Coalition Government's strategy for the duration of the Parliament. At last we know what changes are proposed to Capital Gains Tax, National Insurance and personal tax allowances but there is much more besides including clear evidence of the hand of the Liberal Democrat in some of the detailed provisions.
The advent of higher personal tax rates always sees increased activity in the tax-planning industry, matched by a determination on the part of HMRC to counter what are seen as abuses of the system. The small print in the announcements shows that the government hopes to have made some pre-emptive strikes.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have also included our own comments.
Bishop Fleming Rabjohns Emergency Budget Summary - June 2010
Budget 2010 Summary
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
Having acknowledged that the country is emerging from deep global recession and needing to provide a route to long term prosperity he announced a number of new measures. Some will take effect immediately, whilst others will be enacted by a Finance Bill 'as soon as possible' in the next Parliament, so the timing of the changes needs to be carefully watched.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.
To view Bishop Fleming Rabjohns Budget Summary 2010 please follow the link below
Bishop Fleming Rabjohns Budget Summary 2010
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