Budget 2012

Significant changes to the company car tax regime will come into force from April 2012.

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The Chancellor has confirmed an “above the line” tax credit to encourage research and development activity, along with a raft of tax reliefs for the creative industries.

When it came to tax simplification, the 2012 Budget was a game of two halves, writes Rebecca Benneyworth.

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As anticipated ahead of the Budget announcement, the Chancellor accelerated the annual reduction in the main Corporation Tax rate from 26% to 24% in April 2012, with further reductions scheduled to

Once again, VAT played a minor role in the Budget 2012 proceedings. The measures announced included:

The Chancellor’s “moral repugnance” towards both tax evasion and “aggressive” tax avoidance fuelled an anti-avoidance crackdown that will see the introduction of a general anti-avoidance rule (

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Once he got past the introductory Labour-baiting in his Budget speech, one of the first things Chancellor George Osborne promised was a “modernised tax system”.

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Mansions and tycoons dominating the tax discussions in the run up to the 2012 Budget, Lee Perkins, MD of Sage UK’s Small Business Division comments on what SMEs want

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These tables reflect announcements made between December 2011 and March 2012.

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