Update: 20th March 2013 – The article below relates to the 2011 Budget. For the Budget 2013 in bullet points click here.
Well there were no major surprises in today’s Budget but some interesting announcements nonetheless. Those following my earlier live twitter coverage of will be up to speed but for those who didn’t here is a summary of the key points from today’s Budget.
- Inflation expected to remain between 4% & 5% this year
- 2012 inflation forecast of 2.5%
- National debt currently 60% of GDP
- Income Tax & NI to be merged following consultation and will take a number of years to complete
- Corporation Tax to be reduced by 2% in April and reduce by 1% in each of the next 3 years
- Non-dom charge up from £30k to 50k
- 50p tax rate will be a temporary measure but will remain for now
- First time buyers to be able to get help when purchasing a new property through a new initiative, this will be paid for by a Banks levy
- 21 new Enterprise Zones to be created
- Funding for another 40,000 apprenticeships
- New single tier pension of around £140 confirmed but it will be years before full implementation. Those people already receiving their state pension will not be affected or indeed benefit.
- Those leaving 10% of their estate to charity will have their inheritance tax rate reduced by 10%
- Clampdown on a number of tax avoidance schemes
- Personal income tax allowance up by £1000 and will rise to £8105 by 2012
- Council taxes frozen for this year
- Fuel duty down by 1p from 6pm today and the Fuel Duty Escalator cancelled
picture by marriottphotos- flickr