A round-up of the main tax announcements in today’s Budget. Click on a link below to read more on our blog about a particular measure. Click here to listen to a podcast discussing whether today’s Budget will help the UK tax system meet the goals of simplicity, predictability, fairness and supporting work.
GAAR to be introduced with a consultation on the detail
Personal tax
From April 2013 top rate of income tax will be cut to 45p
New overall cap on uncapped income tax reliefs
Capital gains tax on residential property held by non-resident non-natural persons
Real estate
7% SDLT charge on residential properties worth more than £2m
SDLT sub-sale relief scheme involving options closed down and GAAR to be extended to SDLT
Zero rate VAT on approved alterations to end
Changes to VAT treatment of self-storage
Business tax
Corporation tax rate to be cut immediately to 24%, falling eventually to 22% over the next two years
New allowances for the North Sea oil and gas industry plus a contractual approach to decommissioning
Increase in bank levy to offset benefit of extra corporation tax rate cut
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