The budget contained changes to personal and business taxation, including the 50p headline rate of income tax will be cut to 45p from April 2013.
The income tax personal allowance set to rise to £8,105 next month, the Chancellor also confirmed that a further rise will take place in 2013, taking the allowance to £9,205. However, age-related tax allowances are to be frozen, and will stop for anyone turning 65 after 5 April 2013.
The main rate of corporation tax will fall from 26% to 24% in April 2012. Individuals and partnerships in business whose turnover is up to £77,000 are also set to benefit from 'radical reform' of the tax administration system.
Tax Tables can be found athttp://cdn.hm-treasury.gov.uk/as2011_rates_and_thresholds_201213.pdf
Licenced Accountant in Brighton