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Please download our summary of the key tax data in George Osborne’s Spring Budget on the link below. The Chancellor revealed a ‘Budget for growth’ with a range of business-friendly measures. The Budget highlights included:
- The reduction in the main rate of corporation tax to 26% from April 2011 and by 1% a year thereafter to 23% in 2014.
- The increase in the personal allowance to £8,105 in 2012/13, with a corresponding reduction in the basic rate band to £34,370.
- An increase in the rate of tax relief on enterprise investment scheme (EIS) investments from 20% to 30%, and a doubling of the EIS investment ceiling.
- The increase to £50,000 in the annual charge for UK non-domiciled individuals from April 2012 for those who have been UK resident for 12 or more years and who wish to benefit from the remittance basis.
- The increase in the lifetime limit for entrepreneurs’ relief from £5 million to £10 million.
- The increase in the rate of R&D tax credit for SMEs to 200% from April 2011.
- The possible integration of income tax and NICs.
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