INCOME TAX

 

From April 2013, the 50p top rate of tax will be cut to 45p. Personal income tax allowance raised to £9,205 from April 2013, making 24 million people £220 a year better off.

 

New general anti-tax avoidance rule to be introduced. Age-related allowances for pensioners to be simplified over time, starting in April 2013, creating a single personal allowance for all but ensuring no pensioner loses in cash terms.

 

CHILD BENEFIT

 

Will be phased out when someone in a houshold has an income of more than £50,000. It will fall by 1% for every £100 earned over £50,000.

 

Only those earning more than £60,000 will lose the entirety of the benefit.

 

UK ECONOMY

 

Independent Office for Budget Responsibility (OBR) revises up UK growth forecast for 2012 to 0.8% - from 0.7%.

 

Forecast for 2013 is 2%, for 2014 is 2.7%, and in each of the two years after that 3%.

 

Eurozone growth forecast for this year revised down by 0.8% to -0.3%.

 

UK inflation forecast to fall from 2.8% this year to 1.9% next year.

 

BORROWING

 

Borrowing this year to be £126bn - £1bn less than forecast in the autumn. Forecast to fall to £21bn by 2016-17.

 

Consultation to be held on offering gilts - government bonds - with maturity terms of more than 50 years.

 

HOUSING

 

From midnight, new stamp duty level of 7% for homes worth more than £2m. Any such homes bought through companies will pay 15%.

 

Extra funding to help construction firms building new homes.

 

HELP FOR BUSINESS

 

Corporation tax cut to 24% from next month. By 2014 it will fall to 22%.

 

Enhanced capital allowances for businesses setting up in new Scottish enterprise zones in Dundee, Irvine and Nigg. A Welsh enterprise zone to be created in Deeside.

 

Simplified tax system for small firms with a turnover of up to £77,000.

 

Government support for £150m of tax increment financing to help councils promote development and an extra £270m for the Growing Places fund.

 

Tax relief for the video games, animation and high-end television production sectors.

 

Government considering enterprise loans for young people to start their own business.

 

Relaxation of Sunday trading laws on eight Sundays during Olympics and Paralympics, starting July 22.

 

ARMED FORCES

 

Cost of operations in Afghanistan to be £2.4bn less than expected.

 

Money saved will provide an extra £100m to improve military accommodation.

 

Family welfare grant and council tax relief for armed forces also doubled.

 

PUBLIC SECTOR

 

Government evidence to be published on the case for regional public sector pay.

 

Option for government departments to move to regional pay structures for civil servants when current freeze ends.

 

ENERGY

 

"Major package of tax changes" to boost oil and gas extraction in North Sea, along with £3bn new field allowance west of Shetland.

 

JOBS AND SKILLS

 

OBR forecasts unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17.

 

One million more jobs to be created in the economy over five years, OBR says.

 

FUEL, CIGARETTE AND ALCOHOL DUTIES

 

Duty on all tobacco products to rise by 5% above inflation from 18:00 today - the equivalent of 37p on a packet of cigarettes.

 

No change to existing plans on alcohol duty.

 

New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.

 

No change to existing plans on fuel duty. Vehicle excise duty to rise by inflation, but frozen for road hauliers.

 

PENSIONS

 

Automatic review of state pension age to ensure it keeps pace with increasing lifespans.

 

New single-tier state pension for future pensioners to be set at about £140 and based on contributions.

 

TRANSPORT AND INFRASTRUCTURE

 

Extend electrification of the Transpennine route between Manchester and Sheffield. Further improvements to the lines between Manchester and Preston, and Manchester and Blackpool.

 

Funding for superfast broadband and wi-fi in the UK's 10 largest cities.

 

OTHER TAXES AND ALLOWANCES

 

Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year.

 

New cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year, but no significant change to pensions relief.

 

http://cdn.hm-treasury.gov.uk/budget2012_complete.pdf

 

http://www.bbc.co.uk/news/uk-politics-17449501

its all very wrong this

 

only rich people benifity

 

Balotelli gets at least 100 K a week, he will now be at least 5 K a week better off.. like he really needs it, whilst some old person has to put up with Toxic hikes in fuel and food costs ... but gets no more... its all our of propurtion ..

Sounds a bit like 'oops, we need moneys to pay off our borrowing, better put more taxes in and change the others. Oh oh and rearrange pensions!'

Its just wrong ... all very wrong

New details of pay freeze impact

 

New details of pay freeze impact

 

Many part time public sector workers earning less than £21,000 a year will have their pay frozen for two years, it emerges.

New details of pay freeze impact

 

Many part time public sector workers earning less than £21,000 a year will have their pay frozen for two years, it emerges.

 

Yikes... :blank:

more moving of the goal posts, and more alienating the general populous especially the low paid!

At least the personal allowance has gone up a bit, that should be an extra few quid in the pay-packet at the end of the month (hopefully).

Very good budget :thumbsup:

 

Although you wouldn't get that impression if you read the The Grauniad (misspelling intended) ;)