Posts From March, 2012

Budget 2012: The key points 

Friday, March 23, 2012 11:18:00 AM Categories: Budget

On Wednesday the Chancellor presented his 2012 Budget. The key impact areas are shown below.

  • From April 2013, the 50% additional rate of income tax will be cut to 45% and to 37.5% from 42.5% for dividends.
  • The personal income tax allowance will rise to £8,105 from April 2012 and to £9,205 from April 2013. There will also be a freeze on existing age-related allowances from 6 April 2013.
  • The basic rate tax limit reduces from £35,000 to £34,370 for 2012/2013 and £32,245 for 2013/2014.
  • The State Pension will reform into a single tier pension for future pensioners and future increases in State Pension Age will take account of increases in longevity.
  • The main rate of corporation tax will be cut to 24% from next month. By 2014 it will fall to 22%.
  • Qualifying policy investments will be restricted to an annual premium limit of £3,600 from 6 April 2013, with transitional rules applying from 21 March 2012.
  • The capital gains tax exemption remains frozen for 2012/2013 at £10,600.

On the inheritance tax front, the Government is consulting on a range of topics. They include increasing the exempt amount that someone living permanently in the UK can transfer to a spouse or civil partner living permanently outside the UK.

If you would like to discuss any of these areas please get in touch through the Contact Us option at the top of the page.

Concerned about your mortgage? 

Monday, March 12, 2012 11:48:00 AM Categories: Mortgages

You may be aware that a number of mortgage lenders have been increasing their Standard Variable Rates (SVRs) on their mortgages recently. While we do not see the Bank of England Base Rate going up in the near future this does not mean that SVRs will not continue to increase, as the costs for banks to borrow money has also been rising.

We have also started to see signs that mortgage product interest rates in general have started to rise so, if this is of concern to you, please get in touch through the Contact Us section of the site.