Farming News - Budget 2012: key announcements
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Budget 2012: key announcements
- Chancellor has said he wants to double British exports to £1trillion by the end of the decade. Osborne: "The UK will not be left behind China, Brazil and India"
- The point at which people start paying income tax will be raised to £9,205 from next April
- There will be a consultation on simplifying tax for small firms with a turnover of up to £77,000: Small firms will be taxed on the amount of cash passing through businesses rather than more complicated methods used for large companies
- Change to 50p tax rate: Top rate of tax being reduced from 50 per cent to 45 per cent
- Vehicle excise duty will be frozen for road hauliers. No further changes to fuel duty
- Government to abolish tax allowance for pensioners
- One per cent cut in corporation tax, down to 24 per cent, effective from April. Further cuts in 2013 and 2014 will reduce corporation tax to 22pc
- Personal tax statement will be sent to 20m taxpayers from 2014