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The Finance Bill 2012

4 May 2012 | Guy Abbiss

The Finance Bill 2012 (the “Bill”) It is currently being debated by Parliament.

The Bill contains a number of measures including:

  • An increase in the income tax personal allowance to £8,105.
  • A reduction in the additional rate of income tax from 50% to 45%.
  • A reduction in the rate of corporation tax to 24% in 2012 and to 23% in 2013.
  • An increase in the individual EMI limit to £250,000 and the extension of Entrepreneur’s Relief to holders of shares acquired by exercising EMI options, subject to satisfying the relevant conditions.
  • Measures intended to simplify the tax system.

We will provide details of any significant amendments to the Bill once the Bill has been finalised.

Further details of the ‘2012 Budget are set out in our articles UK Budget 2012 – Income tax overview’ and ‘Budget 2012 gives boost to EMI’, links to which are included in the Resources section below.

Resources

UK Budget 2012 – Income tax overview

Budget 2012 gives boost to EMI option

Finance Bill 2012

Explanatory Notes

For further information or to discuss the issues raised, please get in touch.

Disclaimer

Content is for general information purposes only. The information provided is not intended to be comprehensive and it does not constitute or contain legal or other advice. If you require assistance in relation to any issue please seek specific advice relevant to your particular circumstances. In particular, no responsibility shall be accepted by the authors or by Abbiss Cadres LLP for any losses occasioned by reliance on any content appearing on or accessible from this article. For further legal information click here.

Circular 230 disclosure

To ensure compliance with requirements imposed by the IRS and other taxing authorities, we inform you that any tax advice contained in this article (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

The author

Guy Abbiss
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