Just Do Property



« | »

Budget Highlights 2012

 

 

WEDNESDAY, 21 MARCH 2012

Here are the key points announced in this year’s Budget…

Income Tax

  • 50p top rate of tax cut to 45p from April 2013;
  • Personal income tax allowance increases to £9205 from April 2013;
  • Anti-tax avoidance rule introduced.

Pensions

  • Age-related allowances for pensioners simplified from April 2013 with single personal allowance that ensures no pensioner loses;
  • Automatic review of state pension age to ensure it keeps pace with increasing lifespans;
  • New single-tier state pension for future pensioners to be set at about £140 and based on contributions.

Child Benefit

  • To be reduced by 1% for every £100 earned by a parent over £50,000 and scrapped altogether at £60,000.

Property

  • 7% stamp duty level introduced on purchase of homes worth more than £2million. Homes in this price bracket upwards bought through companies will pay 15% stamp duty;
  • More financial help for building firms.

Fuel, alcohol and cigarettes

  • Tobacco duty to rise by 5% above inflation from 6pm – adding 37p to pack of cigarettes;
  • No change on alcohol duty;
  • No change to fuel duty plans.

Business

  • Corporation tax reduced to 24% from April and down to 22% by 2014;
  • More straightforward tax system for small firms turning over up to £77,000;
  • Possible enterprise loans for young people to start business.

Commerce

  • Sunday trading laws relaxed for eight Sundays during Olympics and Paralympics, starting July 22.

Economy

  • Office for Budget Responsibility revises 2012 UK growth forecast up from 0.7% to 0.8%. 2013 2%, 2014 is 2.7%;
  • UK inflation forecast to fall from 2.8% this year to 1.9% in 2013;
  • Borrowing this year to be £126billion;
  • Unemployment to hit 8.7% later this year before falling to 6.3% by 2016-17.

WRITTEN BY JOHN ANGELETTA of BMV Investment Deals.

John’s site provides BMV Deals around the UK and abroad

 

What are your thoughts/opinions on the budget?  Contact us and let us know…  We’d love to hear from you.

Julie Hanson



Related posts:

BM Solutions launches new buy to let mortgage deals
Buy to let investors may be interested to hear BM Solutions is launching two new mortgage deals.
Is Your Property Network Magazine (YPN) worth the subscription?
Is Your Property Network Magazine (YPN) worth the subscription?
Bank of England maintains Bank Rate
Last week the Bank of England's Monetary Policy Committee (MPC) voted to maintain the official bank ...

Posted by on March 21, 2012.

Tags: , , , , , ,

Categories: News

« | »




Recent Posts


Pages



About Just Do Property

About Us   You need to upgrade your Flash Player. Run by dynamic husband and wife team, Julie and Alec Hanson, justdoproperty.co.uk offers a one-stop online portal for everything property-related. Packed with guidance, support, ideas and products on how to build a property portfolio, justdoproperty.co.uk simply removes the need for tedious web surfing and research. […]more →