View Deloitte's summary and analysis on the measures affecting individuals
announced in the 2012 Budget.
Reduction of the top rate of income tax from 50% to 45%.
The Government proposes to legislate a cap on income tax reliefs claimed by individuals from 6 April 2013.
There will be a new stamp duty land tax (SDLT) rate of 7% charged on residential properties acquired for more than £2 million.
A new income tax charge will be introduced for those in receipt of Child Benefit and where either the recipient or their partner has an income over £50,000 pa.
Other individuals measures
- Anti-avoidance: Life insurance policies
- Amendment to sub-sale relief
- CGT charge on non-resident corporate holding UK resident residential property
- Changes to QROPS rules
- Dishonest agents
- EIS and VCTs
- Enterprise Management Incentives (EMI)
- Employee share schemes review
- Extension of the proposed GAAR to cover stamp duty land tax
- General Anti-Abuse Rule (GAAR)
- Gift Aid: Community Amateur Sports clubs and Charitable companies
- HMRC information powers and penalties
- Income tax rates and personal allowances
- Inheritance tax: avoidance using offshore trusts
- Inheritance tax (IHT) - spouses and civil partners domiciled outside the UK
- Life insurance: qualifying policies
- Personal service companies and IR35
- Reform of non-domicile taxation
- Remote gambling taxation
- Statement of Practice (SP1/09)
- Statutory residence
- Tax avoidance: corporate settlor interest trusts
- UK/Switzerland tax agreement