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Home » Knowledge » Mortgages » CII Briefing: Budget 2012

CII Briefing: Budget 2012

Author(s):
Policy and Public Affairs

Policy and Public Affairs

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Policy and Public Affairs
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Chartered Insurance Institute
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Published Date:
05 April 2012
Last Updated:
17 July 2012

The 2012 budget reflected the political tensions at the heart of the Coalition as well as the limited room for manouvre. The Conservatives are determined to continue with Plan A and only stimulate economic growth through supply side measures, whilst the Liberal Democrats are concerned with delivering a fairer taxation system.

Headline announcements included:  
•    Income Tax: rise in the personal allowance to £9,205 by April 2013. The 50p tax rate will be cut to 45p in 2013. From 2014-15 20 million tax payers will receive a Personal Tax Statement.
•    Corporation Tax: . The main rate of corporation tax is to be reduced by 2 percentage points to 24% in April
•    Stamp Duty Land Tax: the rate for residential properties worth over £2 million

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate) nor the CII Group, nor any CII Local Institute, faculty or society nor any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material.

Any opinions expressed are those of the author or authors and not necessarily those of the CII Group, its Local Institutes, faculties or societies.

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