2011 Spring Budget

      Budget Summary 

Please find below our summary of the key tax data in George Osborne's Spring Budget.  The Chancellor revealed a 'Budget for growth' with a range of business-friendly measures.  The Budget highlights included:

• The reduction in the main rate of corporation tax to 26% from April 2011 and by  
  1% a year thereafter to 23% in 2014
• The increase in the personal allowance to £8,105 in 2012/13, with a corresponding
  reduction in the basic rate band to £34,370
• An increase in the rate of tax relief on enterprise investment scheme (EIS) 
  investments from 20% to 30%, and a doubling of the EIS investment ceiling
• The increase to £50,000 in the annual charge for UK non-domiciled individuals 
  from April 2012 for those who have been UK resident for 12 or more years and 
  who wish to benefit from the remittance basis.
• The increase in the lifetime limit for entrepreneurs' relief from £5million to £10million
• The increase in the rate of R&D tax credit for SMEs to 200% from April 2011
• The possible integration of income tax and NIC's

Click here to download our 2011 Spring Budget Summary in full