Budget 2011 - Creating an economic environment for strong, sustainable and balanced growth.
A budget designed to accelerate the process of reforming the British economy
Some of those of a certain age may remember the radical policies pursued by the Thatcher Government of the early 1980s. These were a wide range of measures designed to liberalise the British economy and develop an entreprenuerial culture. It is difficult to identify any specific measure or set of measures which subsequently led to the improvement in British economic fortunes, but there is universal consensus now that these measures were successful.
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Personal Taxes, National Insurance Contributions and Capital Gains Tax
Income Tax and National Insurance Contributions
Changes to Enterprise Investment Scheme ("EIS") and Venture Capital Trusts ("VCT"); Company Car Tax rate; Fuel Benefit Charge; Approved Mileage Allowance Payments rates; Entrepreneurs’ relief and Capital Gains Tax annual exempt amount.
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Corporate Taxes
Corporation Tax
Changes to Corporation tax rates; Capital allowances: short life assets; Enhanced capital allowances scheme for energy saving technologies; and Research and Development tax credits for SMEs.
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Creating more certainty for non-domiciliary UK tax residents
Non-dom charge rises to £50k
The chancellor said the non-dom charge would increase to £50,000 from £30,000 for those here for more than 12 years from April 2012. This will raise £200m.
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