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Budget highlights 2012

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Budget News Highlights

8:54 The Chancellor is due to present his third Budget today.
Come back at 12.30pm to find out what he says.
12:25 We are expecting the Chancellor to stand up in the next few minutes to present his 2012 Budget Speech.
12:33 The Chancellor says...
the Budget is going to reward work and help working families and will back business and be on the side of aspiration
12:34 There's going to be a simpler tax system with the lowest paid taken out of tax altogether.
12:35 The Budget will back aerospace...
energy pharmaceuticals, and media businesses, ensuring financial services is not the only string to our bow
12:37 The OBRs outlook is almost unchanged...
from last autumn although there is a major risk from Europe and a spike in oil prices
12:42 Britain forecasts an unchanged report from OBR
which avoids a technical recession, "carried more momentum" and revising up forecast to 0.8%, 2% and 2.7% over successive years to 3% in 2015 and 2016
12:42 The OBR forecasts that unemployment will peak at 8.7%
this year and will fall to 6.3% by the end of the forecast period
12:43 There are to be no deficit funded giveaways today
and it will be fiscally neutral in the five year period
12:43 An improved position since November 2011
borrowing to fall to £120bn by next year. £11bn less than forecasted in Autumn.
12:44 The Chancellor says ...
the deficit programme is on course
12:44 The Government is going to publish
a White Paper on social care
12:45 Automatic review of state pension age
to be proposed to keep in line with longevity
12:45 Public spending will be lower in Afghanistan than expected.
The cost of operations are going to be £2.4 billion lower over the operation.

 

12:46 Soldiers to receive 100% deduction from council tax
when on service in Afghanistan
12:46 Interest rates are being kept low
which means the Government's debt interest payments are now £36 billion lower
12:50 Acting now to double exports to £1 trillion
12:51 Want to increase role of private sector in road network
12:52 Plans to reduce welfare costs by £10 billion by 2016
12:52 £1.2bn supported to improve infrastructure in Manchester
12:52 The building fund providing up-front money ...
for construction firms is to be expanded
12:53 The government will work with the London Mayor ...
to improve transport for London
12:54 Enhanced Capital Allowances to be offered ...
for the Royal Docks in London
12:54 New enterprise zones to be opened ...
in Wales and Northern Ireland
12:55 New gas generation plan to be announced in the autumn
12:56 Environmental tax proposed with package of tax changes for energy generation ...
in particular to exploit reserves in the North Sea
12:56 UK centre for aerodynamics to be opened next year
12:59 £100m to be invested in university research
and package of measures to protect UK video game development and film and animation industry.
13:00 Broadband to be improved to get 90% of population access to superfast broadband.
13:00 Ultrafast broadband to be funded for 10 cities.
13:01 Overhaul of planning permission rules
to be released next week, reducing the policy document from 500 pages to 50 pages
13:01 Sunday trading laws will be relaxed
for eight Sundays during the Olympics and Paralympics
13:03 Government to explore the option of 'enterprise loans'
for young people to start out in business
13:03 Chancellor announces that we need a tax system
which supports work - 'rich should pay the most and poor the least'
13:04 Regional pay for public sector workers to be reviewed
13:08 Tax system for pensions to be made simple.
13:09 Age related allowances to be simplified
for pensioners who are 65 after 6 April 2015
13:09 Personal annual tax statements are to be provided
from 2014 to show how much tax and NIC has paid and how this is spent
13:09 Above the line R&D relief to be introduced from next year
13:11 Consulting on small firms (with a £77,000 turnover threshold) to be taxed on a cash basis
13:12 VAT loopholes to be closed, but generally the system will be unchanged
13:12 headline CT rate to reduce by 2%
as opposed to 1% from 1 April to 24% then to fall to 22% by 2014
13:13 Duty on tobacco products to go up by 5% above inflation
13:13 New duty on gaming machines
13:15 No further changes to fuel duties beyond what was already planned
13:16 The Chancellor believes aggressive
tax avoidance to be morally repugnant
13:17 Resources at HMRC to increase
to tackle tax avoidance, aimed to increase revenue by £1 billion
13:18 SDLT to increase to 15%
for properties over £2m bought within a corporate envelope with effect from today
13:18 A General Anti-Avoidance Rule (GAAR) is to be introduced
in the 2013 Finance Bill and will be consulted on before then
13:19 Capital Gains tax will be charged on residential properties
held by overseas companies
13:19 Sub sale schemes for SDLT purposes to be blocked.
Chancellor announces retrospective legislation may apply to block schemes in the future
13:19 From tonight SDLT of 7% on properties over £2m
13:19 No changes to pension relief in this budget
13:23 The additional rate of income tax is to be reduced from 50% to 45%
from April 2013. HMRC figures show that since January 2012 the 50p tax rate has caused massive distortions and raised just a third of the £3 billion it was proposed it would.
13:24 Chancellor announces that the changes in the tax rates
for the wealthy will generate five times the tax than under the 50% regime
13:27 Child benefit: not to be a means tested system,
but instead when one person in a household earns over £50k, being gradually withdrawn to zero for earners over £60k
13:28 The personal allowance will increase by £1,100
to £9,205 from April 2013
13:29 Still aim for £10,000 personal allowance by the end of this Parliament.
13:29 Increase in personal allowance
will cut tax in half for those on minimum wage
13:30 Increase in personal allowance
should remove two million from the tax system
13:30 The Chancellor commends his speech to the House
13:32 The Chancellor has sat down.
We will now look at the small print and let you know how the changes will affect you.