Budget 2012 | AccountingWEB

Budget 2012

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


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.


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 (


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”.


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


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