Clarkslegal LLP - Solicitors in Reading and London

Legal Updates

Budget 2012

21 March 2012 #Employment


The key Employment related points from George Osborne’s 2012 Budget are:

From April 2013

  • The top rate of income tax will be cut from 50p to 45p
  • The personal income tax allowance will be raised to £9,205
  • The higher rate (40%) tax band threshold will be reduced from £42,475 to £41,450

From 2014

  • A personal tax statement will be sent to taxpayers detailing how their personal income tax and national insurance payments contribute to public spending
  • Government will publish evidence on the case for regional public sector pay
  • Government departments will have option to change to a regional public sector pay structure at end of current pay freeze period
  • Automatic review of state pension age to ensure it remains in line with increasing life expectancy
  • Relaxing Sunday Trading laws during the Olympics and Paralympics, starting 22 July 2012
  • The OBR (Office for Budget Responsibility) predicts unemployment to peak this year at 8.7% before falling to 6.3% by 2016/2017 and has raised the 2012 UK growth forecast to 0.8%

There are a number of other changes including a cut in corporation tax, enhanced capital allowances for new business in Scottish enterprise zones, a limit on all uncapped income tax reliefs and full details can be found in the HM Treasury Budget 2012 Press Notice.

 

Clarkslegal, specialist Employment lawyers in London, Reading and throughout the Thames Valley.
For further information about this or any other Employment matter please contact Clarkslegal's employment team by email at employmentunit@clarkslegal.com by telephone 020 7539 8000 (London office), 0118 958 5321 (Reading office) or by completing the form on this page.

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