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ARTICLE · 30 MARCH 2012

Key Budget Announcements

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The Chancellor presented his Budget on Wednesday 21 March. Some of his announcements and proposals were in line with expectation; others caused more of a stir.

United KingdomTax
Fay Copeland
Fay Copeland

The Chancellor presented his Budget on Wednesday 21 March. Some of his announcements and proposals were in line with expectation; others caused more of a stir. The main points of interest for private individuals are set out below:

Personal Taxes

Income tax:

  • Top rate of income tax to be cut from 50p to 45p from April 2013
  • Income tax personal allowance to be increased to £9,205 from April 2013 (an increase of £1,100 in cash terms, though for higher rate taxpayers this will be partially offset by a reduction in the higher rate threshold from £34,370 to £32,245 in 2013)
  • Income tax age-related allowances to be phased out from April 2013
  • A cap on income tax reliefs to be introduced from April 2013, limiting relief to £50,000 or 25% of income (whichever is the greater) where relief in excess of £50,000 is being claimed.

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