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Finance and Accountancy Briefing

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Budget 2011 - Private Clients

Overview

George Osborne described his second Budget as being about “reforming the nation’s economy, to have enduring growth and jobs in the future”. Clearly, he believes that encouraging businesses to grow and providing incentives for investment are cornerstones in achieving this objective, and this is demonstrated in his proposal to extend the tax reliefs available to individuals via the Enterprise Investment Scheme.

In terms of specific proposals on personal taxation, another increase to the basic personal allowance coming into force next year (building on his announcement last June) takes the coalition government further down the road of achieving its aspiration for those with annual incomes under £10,000 to pay no tax. Although the 50% rate is to stay for the time being, Mr Osborne observed that, in his view, such a high tax rate would cause lasting damage to the economy if it became permanent and said he wants to find out exactly how much additional cash it raises.

This paper includes details on the following areas of particular interest:

• Income tax

• Charitable giving

• Inheritance Tax (IHT)

• Capital Gains Tax (CGT)

• Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs)

• Taxation of non-domiciliaries

• Pension contributions


For the full paper, please download a copy here now.

Tags: Budget, Income Tax, Inheritance Tax, Non domicile, Pensions, Capital Gains, Entrepreneur.

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