The Budget and Beyond
Welcome to our Budget and beyond feature. Here we focus on key developments in tax legislation and policy highlights starting with the Budget in March and then following the progress of the Finance Bill, the consultation papers to be released through the summer, the consultation responses, to the publication of the next draft Finance Bill in December each year.
Our team will regularly update this feature to reflect:
- key developments;
- the key themes to emerge from the government's consultation documents;
- further key developments, in tandem with policy developments and lobbying during the consultation phase; and
- planning opportunities.
The 2012 Budget was a significant Budget politically, with the introduction and expansion of a number of new policy initiatives, including:
- the increase in the personal allowance for income tax, moving it close to the target of £10,000;
- the accelerated reduction of the main corporation tax rate to 24%, moving closer to the target of 20%;
- the introduction of the ‘tycoon tax' in the form of a cap on income tax reliefs;
- a increased and new charges to SDLT on high value residential property;
- proposals for a General Anti-Abuse Rule;
- new rules for investment in the UK by remittance basis users; and
- proposals for the statutory residence test
Click to view our;
summary of the 2012 budget announcements
review of the new SDLT rules relating to high value residetial property
