N&G News
Spring Budget 2011
We have posted our Budget Summary and Tax Tables following George Osborne’s Spring Budget. 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.