Budget

Finance Bill 2012

The Government published draft clauses for legislation to be included in Finance Bill ('the Bill') 2012 earlier this week. The draft clauses will be open to consultation until 10 February 2012, with the final legislation being enacted next summer.

There are some important measures for non-UK domiciled individuals and further details of ‘Seed Enterprise Investment Scheme’.

Autumn Statement 2011

This year's Autumn Statement saw the Chancellor, George Osborne, make a wide range of announcements (and re-anouncements) all aimed at stimulating growth. However, these were overshadowed by updated projections from the Office for Budget Responsibility showing that the Treasury budgetary target will not be met until 2016/17 – two years later than predicted at the time of the March 2011 Budget.

The key announcements included:

State pensions and working age and disability benefits to rise in line with consumer prices index (CPI) inflation of 5.2% from next April.
An increase in the state pension age to 67, phased in over two years from April 2026.
A deferral of the planned January 3p fuel price increase to August, with the August increase cancelled.
A new Seed Enterprise Investment Scheme (SEIS) to be launched from April 2012, with 50% tax relief for investments of up to £100,000 and a capital gains tax (CGT) exemption for reinvestment.
A freezing of the CGT annual exemption for 2012/13.
A variety of measures to increase the availability of finance for small and medium-sized enterprises.
The extension of the small business rate relief for a further six months from 1 October 2012.

Read our reaction to the Autumn Statement 2011>>