The UK Budget - Key Points

http://www.bbc.co.uk/news/uk-politics-12829433

The key points of Chancellor George Osborne's Budget on 23 March 2011.

FUEL, CIGARETTE AND ALCOHOL DUTIES
Fuel duty to be cut by 1p per litre from 1800 GMT
Planned 4p per litre rise due in April to be delayed to 2012
Annual fuel duty escalator to be scrapped until 2015
VAT on fuel will not be reduced
No additional changes to alcohol duty rates
Tobacco duty rates up by 2% above inflation, duty regime to be reformed

INCOME TAX
No personal tax increases
Personal tax allowance to rise a further £630 to £8,015 in April 2012..*..
Consultation on long-term plan to merge income tax and National Insurance
50% top rate of tax to remain but review of how much it raises

UK ECONOMY
2011 growth forecast downgraded from 2.1% to 1.7%
2012 forecast also down from 2.6% to 2.5%
Inflation set to remain between 4% and 5% in 2011

BORROWING
Forecast borrowing of £146bn this year, £2.5bn lower than anticipated
Borrowing to fall to £122bn next year, dropping to £29bn by 2015-16
National debt forecast to be 60% of national income this year, up to 71% in 2012

OTHER TAXES AND ALLOWANCES
Council tax to be frozen or reduced this year in every English council
10% discount on inheritance tax for people leaving 10% of estate to charity
Rise in air passenger duty to be frozen this year
Private jet users to pay passenger duty for first time
Levy on so-called "non-doms" up to £50,000 for those resident in the UK for 12 years
Tax avoidance clampdown to raise £1bn this year
Support for families in the south-west of England with water bills

HOUSING
Government-backed shared equity scheme to help 10,000 first-time buyers

HELP FOR BUSINESS
Corporation tax to be cut by 2% in April, not 1% as previously planned
Bank levy to be adjusted so banks do not pay less tax as a result
43 tax reliefs to be scrapped as part of simplification of tax code
£350m of business regulation to be scrapped
No new regulation on firms with fewer than 10 staff for three years
Business rate relief holiday for small firms extended for another year
New rules to require planners to prioritise growth and jobs
£100m funding for science facilities
21 "enterprise zones" to be launched, backed by tax incentives

JOBS AND SKILLS
Funding for 12 further university technical colleges
40,000 new apprenticeships for young people out of work
Funding for 100,000 work experience placements

PENSIONS
Accepts Hutton review of reform of public sector pension contributions
Long-term aim for £140 a week flat-rate state pension - not to apply to current pensioners

TRANSPORT
£100m for repairing potholes in England
£200m support for regional railways in England

GREEN MEASURES
£2bn extra funding for Green Investment Bank - to launch in 2012

I've highlighted the points which are more likely to be of interest to Udonmap members.

Remember folks you read it first on Udonmap.

I wonder if merging NI and tax would mean many pensioners paying NI on there pensions ( via tax). What a new income stream that would be!

rick wrote:I wonder if merging NI and tax would mean many pensioners paying NI on there pensions ( via tax). What a new income stream that would be!

Here is an extract from the UK Civil Service Newsletter I received today.


Integration of Income Tax and National Insurance Contributions:
•“The Government will consult in 2011 on the options, stages and timing of reforms to integrate the operation of income tax and NICs.”

• However, “It will maintain the contributory principle and will reflect this in any changes it brings forward. In addition, the Government will not extend NICs to individuals above State Pension Age or to other forms of income such as pensions, savings and dividends.”

"...the Government will not extend NICs to individuals above State Pension Age or to other forms of income such as pensions, savings and dividends.”

That's good to hear Tafia. I did spot another post Budget report saying something on similar lines. That is re-assuring.

It is indeed arjay, lets hope now that they don't change their minds or see pensioners again as an easy target as they have done over the cost of living increases changing it from RPI to CPI.

where did I heard the same story before??
conclusion in short:

economic growth is slower than expected;
unemployment remains higher than expected;
the deficit will be higher than expected.

You've got to give it to these politicians
In fact, what did they expect???

http://www.bing.com/videos/search?publ=8F9BFED1-34A9-458A-9A9B-3E3A976006A9&FORM=MFEVID&crea=STND_MFEVID_FY11H2_BR_CusVid_1x1&q=uk+budget&docid=855281238125&FORM=HUFPST

i know this is not the subject on this current page.my sister has just phoned me to tell me that cameron has reduced the winter fuel allowence from 250 to 200 pounds. in the budjet.

*** Mod Note - Post merged into correct topic - It was only 3 topics down in the same forum***

MALC wrote:i know this is not the subject on this current page.my sister has just phoned me to tell me that cameron has reduced the winter fuel allowence from 250 to 200 pounds. in the budjet.

*** Mod Note - Post merged into correct topic - It was only 3 topics down in the same forum***

As any British pensioner living in Udon for more than three consecutive months should have notified his departure anyway, no one here would have been legally entitled to it .