Upcoming Events :
Housing Seminar: Partnerships with the Public Sector – Avoiding the pitfalls
Thu 31 May 2012
Minerva House, 5 Montague Close, London, SE1 9BB
Budget Highlights - March 2011
Thu 24 Mar 2011
The Chancellor promised to simplify tax by abolishing a number of redundant reliefs and announced long-term plans to merge income tax and National Insurance.
Key points covered in the Budget included:
- Corporation Tax will now fall by 2% to 26% from 1 April 2011. It will reduce by a further 1% per year to 23% in 2014.
- Car Allowance - the 40p per mile tax-free business reimbursement rate will increase to 45p, limited to the first 10,000 miles, after which it reduces to 25p.
- Non-domiciles who have been UK resident for 12 years will pay an increased charge of £50,000.
- Research and Development tax relief will increase from 175% to 200% from 1 April 2011, and 225% from April 2012.
- Entrepreneurs Relief will double the lifetime limit for gains taxed at 10%, from £5m to £10m.
- The Enterprise Investment Scheme tax relief rate will increase from 20% to 30% from 6 April 2011.
Click here for the full Budget Summary 2011
Click here for the Tax Facts PDF download
