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CCH Live News - Budget 2012

Budget 2012

Overview

Welcome to the CCH Live News Budget 2012 page.

We will be bringing you full coverage of the 2012 Budget including major highlights, commentary and insight from CCH tax experts and industry leaders.

The dedicated Live News Budget 2012 page will be updated throughout the day. See the Highlights section to see the latest updates on the topic areas listed.

Stay tuned for all the Budget insight you need.

Highlights

Rates & Allowances – comprehensive table of rates & allowances confirmed in Budget 2012 now available. See here.

Corporate Tax – CCH tax experts comment on the major Budget measures announced today. See here.

Tax Administration - CCH tax experts comment on the major Budget measures announced today. See here.

Personal Tax – CCH tax experts comment on the major Budget measures announced today. See here.

Philanthropy & charities – CCH tax experts comment on the major Budget measures announced today. See here.

Indirect Tax - CCH tax experts comment on the major Budget measures announced today. See here.

Tax Administration – CCH Insight piece and list of detailed Budget measures now ready here.

Personal Tax – CCH Insight piece and list of detailed Budget measures now ready here.

Philanthropy and charities – CCH Insight piece and list of detailed Budget measures now ready here.

Corporate Tax - CCH Insight piece and list of detailed Budget measures now ready here.

Chancellor - announces largest-ever increase in personal allowance - the point at which people start paying income tax will be raised to £9,205 from next April.

Chancellor - The salary threshold at which child benefit stops being paid will be set at £50,000 - rather than £42,000. The withdrawal will be gradual - 1% of benefit for every £100 earned.

Chancellor - other taxes on the rich announced today will raise five times more than the amount lost by moving to a 45p rate.

Chancellor - child benefit will only be withdrawn when someone in household earns more than £50k – 90% of families will remain eligible.

Chancellor - 15% stamp duty on company shelters for property.

Chancellor - HMRC says 50p tax rate raised only £1billion – a third less than forecast

Chancellor - from next April, top rate of income tax will be reduced from 50p to 45p.

Chancellor - there will be no changes to fuel duty plans already set out.

Chancellor - vehicle excise duty frozen for road hauliers.

Chancellor - new cap on income tax reliefs to be introduced on anyone claiming more than £50,000.

Chancellor - a new Stamp Duty Land Tax rate of 7% to be introduced on properties of more than £2million from Midnight tonight.

Chancellor - General Anti-Avoidance Rule for tax to be introduced in next year's Budget

Chancellor - Alcohol duty rates frozen. Tobacco duty up by 5% or 37p on a packet of cigarettes. Kicks in at 6pm today.

Chancellor - the bank rate levy will be increased to 0.05%.

Chancellor - a machine games duty will be introduced with a standard rate of 20%.

Chancellor - Corporate tax rate cut by 2% to 24% from April 2012.

Chancellor - action to address loopholes and anomalies in VAT system

Chancellor - the tax system will be simplified by removing complexity of age-related allowance for anyone reaching age of 65

Chancellor - From 2014 taxpayers will receive personal statements, detailing what they have paid and where the money is being spent.

Chancellor - Small firms to be taxed on the amount of cash passing through their businesses rather than more complicated methods used for large companies

Chancellor - "Borrowing this year will be £126bn and £120bn next year, Mr Osborne says. It will be £21bn by 2016/17".

Chancellor - "Deficit falling and will reach 7.6% next year. Share of GDP taken by the state will fall to 43% next year".

Chancellor - "The UK will not be left behind by China, Brazil and India under this government".

Chancellor - taxes on patents will be cut.

Chancellor - Inflation to fall to 1.9% by next year.

Chancellor - Growth forecast at 0.8% in 2012, 2% for 2013, 2.7% in 2014.

Chancellor - promises this will be a “reforming Budget” with far-reach tax reforms making the UK more competitive.

Chancellor - the chancellor promises to take "millions out of tax" indicating an increase in the tax allowance.

Budget Speech - Chancellor George Osborne will present Budget 2012 at 12:30 today. Get full coverage here on the CCH Live News – Budget 2012 page.