Budget 2011

Well, not a lot of exciting news from the Chancellor yesterday, but some of the more salient points were:

  • Fuel duty to be cut by 1p per litre from 6pm yesterday (23rd March)
  • Fuel duty inflation rise delayed until 1st January 2012 (Planned April 2012 rise delayed until 1st August 2012)
  • Fuel duty escalator cancelled
  • Council tax frozen by every Council in England
  • Personal tax allowance up to £8,105 from 2012
  • 43 reliefs abolished as part of this budget
  • Consultation to be undertaken to merge Income tax and NI – could take a number of years to complete
  • Government introducing a reduced rate of inheritance tax of 36 per cent from April 2012 for estates leaving 10 per cent or more to charity
  • 50p tax rate confirmed as a temporary measure but “not the right time to remove the 50p rate”

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