21 March 2012
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
- 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.
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