Spring 2011 Budget Summary by Griffins of Newbury

24th March 2011

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Article by Griffins of Newbury

Budget summary – March 2011

The Chancellor revealed a ‘Budget for growth’ with a range of business-friendly measures.

Detailed below are key summary points from George Osborne’s Spring Budget.

Please follow this link to download a more detailed overview.

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.

We hope this summary proves useful – and if any of the areas that it covers seem likely to have an impact on your tax and financial planning, please do not hesitate to contact Griffins on 01635 813919 begin_of_the_skype_highlighting 01635 813919 end_of_the_skype_highlighting.

A webinar summary will be on the Griffins website within 48 hours providing more information from some of our partners on all the key tax and financial issues.

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