A budget ‘for enduring growth and jobs’ is how the Chancellor George Osborne has described his second budget.
Within yesterday’s budget speech the Chancellor acknowledged that the cost of living and the high price of oil pose a problem for many British families.
Within yesterday’s budget speech the Chancellor acknowledged that the cost of living and the high price of oil pose a problem for many British families.
The Chancellor, who was expect to postpone the a rise in fuel duty, went even further by cutting the duty by 1 pence a litre, and introducing a Fair Fuel Stabiliser, which will be paid for by additional taxes on North Sea oil firms. In addition to the planned increase in the income tax personal allowance, another future rise will take the allowance to £8,105, in April 2012.
First-time buyers will be offered further help to purchase new property by means of a proposed shared equity scheme, and help for those with mortgage arrears will be extended.
Also of interest yesterday was the announcement of a 10% inheritance tax discount for taxpayers who leave at least 10% of their estate to charity, and a simplification of the Gift Aid scheme.
Also of interest yesterday was the announcement of a 10% inheritance tax discount for taxpayers who leave at least 10% of their estate to charity, and a simplification of the Gift Aid scheme.
Other key announcements from the 2011 Budget
- An increase in the planned reduction in corporation tax, with rates falling by 2% from April 2011, and 1% in each of the following three years, to reach 23%, accompanied by an adjustment in the bank levy to ensure that banks do not pay less tax as a result.
- The scrapping of business regulations to the tune of £350 million, and a three-year moratorium on new regulations for firms with fewer than 10 staff were also confirmed.
- The business rate relief ‘holiday’ for small businesses will be extended for another year.
- Sweeping changes to the Enterprise Investment Scheme , alongside a doubling of Entrepreneurs’ Relief, which rises to £10 million from 6 April.
- The small companies research & development tax deduction will also rise to 200% in April, and to 225% next year.
- An increase in the planned reduction in corporation tax, with rates falling by 2% from April 2011, and 1% in each of the following three years, to reach 23%, accompanied by an adjustment in the bank levy to ensure that banks do not pay less tax as a result.
- The scrapping of business regulations to the tune of £350 million, and a three-year moratorium on new regulations for firms with fewer than 10 staff were also confirmed.
- The business rate relief ‘holiday’ for small businesses will be extended for another year.
- Sweeping changes to the Enterprise Investment Scheme , alongside a doubling of Entrepreneurs’ Relief, which rises to £10 million from 6 April.
- The small companies research & development tax deduction will also rise to 200% in April, and to 225% next year.
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