UK Budget 2011 Calculator

UK Budget 2011 Calculator

March 23rd 2011 3:07 am

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UPDATE: The Budget Calculator has now been updated for the 2012 UK Budget. Go to the Budget 2012 Calculator. We have j ...

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Budget Calculator UPDATE: The Budget Calculator has now been updated for the 2012 UK Budget. Go to the Budget 2012 Calculator. We have just switched on our our 2011 Budget Calculator website for you - as of now it's not complete as the Budget speech has not been given yet, however due to many changes for the 2011/2012 Tax Year already being announced we have keyed in the following figures - The budget speech concluded around an hour ago and the 2011 Budget Calculator has now been updated to take account of the following details:
  • All Income Taxes Rates and Allowances for 2011/2012.
  • Tax Credits have been fully updated and will calculate working tax credits and child tax credits. The changing of the tapering of benefit is biggest here as well as the removal of the baby element.
  • State Pension has been updated to work with new state pension ages and weekly payment figures.
  • Alcohol, Tobacco and Fuel Duties have been updated.
  • Our Corporation Tax Calculator has been updated for the announced reduction in main and small profit rates.
  • Vehicle Excise Duty (VED) has been updated to reflect the CPI based rise in prices.
  • Company Car Tax Fuel Benefit Charge has been updated.
Many other changes from the budget are centered around growth, reliefs and spending and are details in our summary below. Tax
  • Capital Gains Tax annual exempt amount raised to £10,600 from £10,100 for 2011/2012 - it will still be based upon varying tax bands of 18% and 28% rather than a flat 18%.
  • Main rate corporation tax reduced to 26% - rather than the previously announced 27% - small profits rate remains unchanged at the previously announced 20%. Main rate Corporation Tax will continue to fall by 1% every year - so will be 25% from 1 April 2012.
  • Personal tax allowance to rise a further £630 to £8,015 in April 2012 - Use the forecasted Tax Calculator 2012/2013 to see the resulting changes.
  • The higher rate tax band will start earlier for the 2012/2013 tax year, from 34,730 rather than the current 35,000.
  • Consultation on long-term plan to merge income tax and National Insurance
  • Council tax to be frozen or reduced this year in every English council
  • Private jet users to pay passenger duty for first time
  • Levy on  "non-doms" up to £50,000 for those resident in the UK for 12 years
  • Inheritance Tax reduced by 10% if 10% of the estate is donated to charity.
Business
  • Enterprise Investment Scheme tax relief rate raised from 20 percent to 30 percent.
  • Vehicles producing between 95 and 220g of co2 will have there BIK rate dropped by 1% from April 2013.
  • Fuel benefit charge multiplier increased to £18,800 from £18,000 - this is the charge by which your fuel benefit is taxed if you receive fuel from your employer - the rate is deduced by the co2 output of your vehicle, then multiplied by the £18,800 figure.
  • A big change, effective today, you can now claim mileage allowance at 45 pence up to 10,000 miles  - a rise of 5 pence per mile.
  • Entrepreneurs' relief is doubled from £5 million to £10 million.
  • No new regulation on firms with fewer than 10 staff for three years
  • £100m funding for science facilities
  • 40,000 new apprenticeships for young people out of work
  • Funding for 100,000 work experience placements
  • Rate Relief holiday for small businesses to be extended to October 2012
Fuel and other Duties
  • Duties - beer up by 4 pence per pint, 15 pence on a bottle of wine, 54 pence on a bottle of spirits,  duty on tobacco - use the budget calculator to see - per 1000 cigarettes is up but the ad valorem percentage (duty on the retail purchase price) has been reduced.
  • Fuel - Main fuel duty rate reduced by 1 pence per litre, other increases will be deferred.
  • The Labour Planned 4p per litre rise due in April to be delayed to 2012.
  • The Labour Annual fuel duty escalator to be scrapped until 2015.
Other
  • £100m for repairing potholes in England
  • £200m support for regional railways in England
  • £2bn extra funding for Green Investment Bank - to launch in 2012
  • Accepts Hutton review of reform of public sector pension contributions
To review the full set of changes, read the full budget release here.

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