Valenteenah. Posted March 23, 2011 Budget 2011: Summary Of The Key Points 8:54pm UK, Wednesday March 23, 2011 Goldie Momen Putrym, Sky News Online Now that the Chancellor has unveiled his Budget for the coming year, here is a summary of the key points. Economy :: Growth for 2011 forecast downgraded to 1.7% :: Public sector borrowing to be £146bn Business :: Corporation tax to be reduced by 2% in April, and will continue to fall by 1% for the next three years :: Income tax relief for small companies to increase from 20% to 30% :: 43 tax reliefs abolished :: Small business rate holiday extended to October 2012 :: Carbon price floor for power industry initially set at £16 per tonne :: Funding for 21 Enterprise Zones to be available from this summer :: Green investment bank to have £2bn in additional funding :: Tax on oil producers to rise to 32% from 20% Taxes :: Consultation on merging income tax and national insurance :: Charge up to £50,000 for long-term UK residents holding non-domiciled status :: Promise that 50p tax rate is a temporary measure :: 10% relief on inheritance tax if a tenth of estate is left to charity :: Tax avoidance measures to raise £1bn a year - will save more than £4bn over life of this parliament :: Personal tax allowance rise of £1000 to £8,105 from 2012 :: More people put into 40% tax band from 2012 :: Vehicle excise duty to rise by inflation only, rates for heavy goods vehicles frozen :: Council tax frozen in every council in England Mortgage support :: New-build shared equity scheme for first-time buyers, helping 10,000 families, funded by bank levy proceeds Investment :: Extra £100m for science research facilities :: £200m for development in regional railways :: £100m to repair potholes in roads Young Workers :: Funding for 24 new technical colleges :: 100,000 new work experience places and 40,000 apprenticeships Pensions :: New single-tier pension proposed worth £140 a week :: Regular reviews of increase in state pension age Alcohol, Tobacco & Air Travel :: No changes to alcohol duty :: Tobacco tax rate up by 2% above inflation :: Air passenger duty rise delayed but private jets to pay air tax Fuel :: Introduction of fair fuel stabiliser to raise £2bn :: Fuel duty escalator cancelled :: Cutting fuel duty by 1p a litre Source: http://news.sky.com/skynews/Home/Business/Britain-Awaits-Growth-Budget-Chancellor-To-Announce-New-Measures/Article/201103415958616 Quote Share this post Link to post Share on other sites
