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mertle · 21-03-2012, 13:36

New update ***

UK ECONOMY

Independent Office for Budget Responsibility (OBR) revises up UK growth forecast for 2012 to 0.8% - from 0.7%.
Forecast for 2013 is 2%, for 2014 is 2.7%, and in the two years after that 3%.
BORROWING

Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Forecast to fall to £21bn by 2016-17.
INCOME TAX

From April 2013, the 50p top rate of tax will be cut to 45p.
New general anti-tax avoidance rule to be introduced.
Age-related allowances for pensioners to be simplified over time, starting in April 2013, creating a single personal allowance for all but ensuring no pensioner loses in cash terms.
HOUSING

From midnight, new stamp duty level of 7% for homes worth more than £2m. Any such homes bought through companies will pay 15%.
Extra funding to help construction firms building new homes.
HELP FOR BUSINESS

Corporation tax cut to 24% from next month. By 2014 it will fall to 22%.
Enhanced capital allowances for businesses setting up in new Scottish enterprise zones in Dundee, Irvine and Nigg. A Welsh enterprise zone to be created in Deeside.
Simplified tax system for small firms with a turnover of up to £77,000.
Government support for £150m of tax increment financing to help councils promote development and an extra £270m for the Growing Places fund.
Tax relief for the video games, animation and high-end television production sectors.
Government considering enterprise loans for young people to start their own business.
PUBLIC SECTOR

Government evidence to be published on the case for regional public sector pay. Option for government departments to move to regional pay structures for civil servants when current freeze ends.
ENERGY

"Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland.
JOBS AND SKILLS

OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17.
One million more jobs to be created in the economy over five years, OBR says.
CHILD BENEFIT

FUEL, CIGARETTE AND ALCOHOL DUTIES

Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes.
No change to alcohol duty.
New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.
No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers.
PENSIONS

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.
TRANSPORT AND INFRASTRUCTURE

Extend electrification of the Transpennine route between Manchester and Sheffield. Further improvements to the lines between Manchester and Preston, and Manchester and Blackpool.
Funding for superfast broadband and wi-fi in the UK's 10 largest cities.
GREEN MEASURES

OTHER TAXES AND ALLOWANCES

Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year.
New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pensions relief.
ARMED FORCES

Family welfare grant and council tax relief for armed forces doubled.
Extra £100m to improve military accommodation - funded by £2.4bn savings from ending combat operations in Afghanistan.

--------------------------

So 45% next year instead overhauling the system. in vain hope they wont tax avoid what happens if they do the same. Its less funds in to the coffers.

At least nothing bad for motorists but those who smoke got it bad 5% increase my mum will be pleased.

Very optermistic on borrowing no way he get down to that in month sundays.

I already seen big loophole in that mansion tax Bet bottom dollar they all going be suddenly £1,999,000 from midnight. Then the sell gets a gift to the value if his price before tonight.

21-03-2012, 13:36	#11
mertle Inactive Join Date: Feb 2004 Posts: 2,134	Re: Todays Budget New update * UK ECONOMY Independent Office for Budget Responsibility (OBR) revises up UK growth forecast for 2012 to 0.8% - from 0.7%. Forecast for 2013 is 2%, for 2014 is 2.7%, and in the two years after that 3%. BORROWING Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Forecast to fall to £21bn by 2016-17. INCOME TAX From April 2013, the 50p top rate of tax will be cut to 45p. New general anti-tax avoidance rule to be introduced. Age-related allowances for pensioners to be simplified over time, starting in April 2013, creating a single personal allowance for all but ensuring no pensioner loses in cash terms. HOUSING From midnight, new stamp duty level of 7% for homes worth more than £2m. Any such homes bought through companies will pay 15%. Extra funding to help construction firms building new homes. HELP FOR BUSINESS Corporation tax cut to 24% from next month. By 2014 it will fall to 22%. Enhanced capital allowances for businesses setting up in new Scottish enterprise zones in Dundee, Irvine and Nigg. A Welsh enterprise zone to be created in Deeside. Simplified tax system for small firms with a turnover of up to £77,000. Government support for £150m of tax increment financing to help councils promote development and an extra £270m for the Growing Places fund. Tax relief for the video games, animation and high-end television production sectors. Government considering enterprise loans for young people to start their own business. PUBLIC SECTOR Government evidence to be published on the case for regional public sector pay. Option for government departments to move to regional pay structures for civil servants when current freeze ends. ENERGY "Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland. JOBS AND SKILLS OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17. One million more jobs to be created in the economy over five years, OBR says. CHILD BENEFIT FUEL, CIGARETTE AND ALCOHOL DUTIES Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes. No change to alcohol duty. New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings. No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers. PENSIONS 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. TRANSPORT AND INFRASTRUCTURE Extend electrification of the Transpennine route between Manchester and Sheffield. Further improvements to the lines between Manchester and Preston, and Manchester and Blackpool. Funding for superfast broadband and wi-fi in the UK's 10 largest cities. GREEN MEASURES OTHER TAXES AND ALLOWANCES Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year. New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pensions relief. ARMED FORCES** Family welfare grant and council tax relief for armed forces doubled. Extra £100m to improve military accommodation - funded by £2.4bn savings from ending combat operations in Afghanistan. -------------------------- So 45% next year instead overhauling the system. in vain hope they wont tax avoid what happens if they do the same. Its less funds in to the coffers. At least nothing bad for motorists but those who smoke got it bad 5% increase my mum will be pleased. Very optermistic on borrowing no way he get down to that in month sundays. I already seen big loophole in that mansion tax Bet bottom dollar they all going be suddenly £1,999,000 from midnight. Then the sell gets a gift to the value if his price before tonight.