The UK government has published the Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets.
The Bill provides for an increase in the tax-free personal allowance to GBP 8,105 (USD12, 959) from April, 2012, announced by Chancellor last March. In his most recent Budget, delivered on March 21, Osborne heralded the end of the controversial 50% top rate of income tax. The Finance Bill legislates for this decision, reducing the rate to 45% from April, 2013. It also legislates for the government’s crackdown on over GBP1bn of tax avoidance and evasion, and cuts the corporate tax rate to 24% this year and 23% in 2013.
