Another budget, another round of important changes to some of the most talked about income and expenditure items on the Government’s ‘household’ budget.

Below is a list of the highlights that came out of today’s budget.

Income Tax

From April 2013 the top rate of income tax will be cut from 50p to 45p in the £1.

The Basic Personal Allowance will be raised to £9,205 from April 2013.

Age-related allowance for income tax purposes are to be ‘simplified’ over time.

Want to ask how you can benefit from these changes? Click here…

Child Benefit

Those earning over £50,000 will see a reduction in their child benefit payments by 1% for every £100 earned over the £50,000 threshold.

Those earning over £60,000 are due to lose the benefit altogether.

Stamp Duty

From midnight tonight there will be a new stamp duty of 7% for homes worth over £2m.

Residential homes bought within a company will be charged 15% stamp duty.

Business

Corporation tax will be cut to 24% next month and then to 22% from 2014.

Confirmation of the relaxation of Sunday trading laws for 8 days during the Olympics and Paralympics.

Retail

Duty on all tobacco products to rise by 5% above inflation from 6pm on 21/3/2012.

No change on existing plans to alcohol duty.

No change to existing plans on fuel duty.

Pensions

New £140 State pension for new pensioners based on contribution record.

Other

A new cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year.

No change to existing pension contribution tax relief.

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Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk