Forecasts
- 2011 growth cut to 1.7% (from 2.1% forecast in Nov)
- Borrowing £146bn this year, £122bn next year.
- Inflation to remain between 4-5% for the rest of the year.
- Borrowing to be 146 bn this year, 122 next, then 111 and predicted to be 29bn by 2015-16.
- Personal tax allowance to rise a further £630 to £8,015 in April 2012
- 50% tax threshold is temporary measure.
- 43 complex tax reliefs abolished.
- From April 2012 indexation assumption for direct taxes will move to Consumer Prices Index.
- Consultation on merging NI and Income tax.
- Tax avoidance clampdown to raise £1bn this year.
- Corporation tax reduced by 2% and then further 1% three years after that
- In Plan for Growth, £350 million worth of business regulations will go.
- Lots of planning changes including reclassification of land and time-limits on applications
- Income Tax relief on Enterprise Investment Scheme to increase from 20% to 30% in April 2011.
- From April small companies R&D tax credit will rise 220% this year and 225% next year
- Commitment to improve the intellectual property regime.
- Enterprise Zones: 21 in total, 10 initially. Businesses inside zones get 100% discount on rates and superfast broadband
- Further 10 announced in the summer – LEPs asked to come forward with proposals.
- £100m funding for science facilities
- Green investment bank will begin work one year early in 2012, with an extra £2bn in funding.
- Introduction of a new carbon price floor.
- Funding for 12 further university technical colleges
- Extra 40,000 apprenticeships for young people out of work
- Funding for 100,000 new work experience placements
- Gift aid cap increased from £500 to £2,500. Also 10% off inheritance tax discount if you leave 10% of an inheritance to charity.
No comments:
Post a Comment