The main eye-catching announcements in George Osborne’s March 2012 Budget were:
- the introduction from January 2013 of an Income Tax charge on recipients of Child Benefit with annual incomes above £50,000;
- a freezing from April 2013 of the higher allowances for pensioners with modest incomes; and
- a cut in the top rate of Income Tax from 50 per cent to 45 per cent – again from April 2013.
This chapter details the tax changes effective from 6 April 2012, which were:
- in the pipeline prior to either the 2011 Autumn Statement or 2012 Budget; or
- set out in the Autumn 2011 Statement; or
- announced by the Chancellor in his 2012 Budget.
This is followed by a summary of proposed measures that will not take effect until 6 April 2013 ...