George Osborne presented his second Budget yesterday as Chancellor today and, as promised, there were no big surprises. Most of the tax measures announced had been trailed previously, or leaked to the press earlier in the week, such as the increase of £630 to personal allowances from April 2012.
Billing it as the ‘Budget for Growth’, Osborne said that this Budget would ‘put fuel in the tank of the economy’. This remains to be seen but for now you can see how it will personally affect you by checking out our brand new UK Budget 2011 Calculator
There were a couple of new announcements, including a doubling of the lifetime allowance for Entrepreneur’s Relief to £10m and an increase in tax free mileage rates for business travel from 40p to 45p per mile.
Another new announcement was the increase in the charge from £30,000 to £50,000 for those non-UK domiciles who wish to claim the remittance basis and who have lived in the UK for at least twelve years.
The most welcome announcement for most will be the cut in petrol prices of 1p per litre. This announcement – made towards the end of his speech – allowed him to end on a high note.
The tax team here at taxback.com will bring you a full commentary on the Budget throughout today but in the meantime don’t forget to check out our UK Budget 2011 Calculator to see if you’re better or worse off.