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The Chancellor of the Exchequer,George Osborne,presented his 2011-12 budget on 23 March 2011. We have gone through the budget documents and sorted out the major points from the technical detail.

Summarised below are some of the significant issues announced:
The Personal allowance for 2011/12 has been increased by £1,000 to 7,475, but the higher rate threshold has been lowered from £37,400 to £35,000
National Insurance contributions rates have been increased across the board
Consultation to start on merging Income Tax and National Insurance contributions
Entrepreneurs’ Relief lifetime limit increased from £5m to £10m from April 2011
The main corporation tax rate has been cut by 2% to 26% from 1 April 2011 (1% was expected); the small companies rate has been cut by 1% to 20% from 1 April 2011
Corporation tax returns are required to be filed electronically from 1 April 2011. Company accounts are to be filed in iXBRL (Inline Xtensible Business Reporting Language) format from 1 April 2011
The Enterprise Investment Scheme relief has been increased from 20% to 30% from April 2011
The charge on non-domiciled taxpayers increases from £30,000 to £50,000
The annual threshold for pension contributions has been decreased from £255,000 to £50,000.
 
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