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