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Budget 2011

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Budget 2011: Summary Of The Key Points

8:54pm UK, Wednesday March 23, 2011

Goldie Momen Putrym, Sky News Online

 

Now that the Chancellor has unveiled his Budget for the coming year, here is a summary of the key points.

 

Economy

 

:: Growth for 2011 forecast downgraded to 1.7%

 

:: Public sector borrowing to be £146bn

 

 

Business

 

:: Corporation tax to be reduced by 2% in April, and will continue to fall by 1% for the next three years

 

:: Income tax relief for small companies to increase from 20% to 30%

 

:: 43 tax reliefs abolished

 

:: Small business rate holiday extended to October 2012

 

:: Carbon price floor for power industry initially set at £16 per tonne

 

:: Funding for 21 Enterprise Zones to be available from this summer

 

:: Green investment bank to have £2bn in additional funding

 

:: Tax on oil producers to rise to 32% from 20%

 

 

Taxes

 

:: Consultation on merging income tax and national insurance

 

:: Charge up to £50,000 for long-term UK residents holding non-domiciled status

 

:: Promise that 50p tax rate is a temporary measure

 

:: 10% relief on inheritance tax if a tenth of estate is left to charity

 

:: Tax avoidance measures to raise £1bn a year - will save more than £4bn over life of this parliament

 

:: Personal tax allowance rise of £1000 to £8,105 from 2012

 

:: More people put into 40% tax band from 2012

 

:: Vehicle excise duty to rise by inflation only, rates for heavy goods vehicles frozen

 

:: Council tax frozen in every council in England

 

 

Mortgage support

 

:: New-build shared equity scheme for first-time buyers, helping 10,000 families, funded by bank levy proceeds

 

 

Investment

 

:: Extra £100m for science research facilities

 

:: £200m for development in regional railways

 

:: £100m to repair potholes in roads

 

 

Young Workers

 

:: Funding for 24 new technical colleges

 

:: 100,000 new work experience places and 40,000 apprenticeships

 

 

Pensions

 

:: New single-tier pension proposed worth £140 a week

 

:: Regular reviews of increase in state pension age

 

 

Alcohol, Tobacco & Air Travel

 

:: No changes to alcohol duty

 

:: Tobacco tax rate up by 2% above inflation

 

:: Air passenger duty rise delayed but private jets to pay air tax

 

 

Fuel

 

:: Introduction of fair fuel stabiliser to raise £2bn

 

:: Fuel duty escalator cancelled

 

:: Cutting fuel duty by 1p a litre

 

 

Source: http://news.sky.com/skynews/Home/Business/Britain-Awaits-Growth-Budget-Chancellor-To-Announce-New-Measures/Article/201103415958616

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