News

Budget 2012: Income tax and corporation tax changes

  • March 21, 2012
  • By Hunters Law

In a widely anticipated move, George Osborne has announced a cut in the top rate of income tax.

The reduction to 45% will take effect from 6th April 2013, and will be coupled with an increase in the personal allowance to £9,205 and a drop in the basic rate limit to £32,245.

In addition, legislation will be introduced to reduce corporation tax to 23% from 1st April 2013, followed by a further 1% drop with effect from 1st April 2014.

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