freeze the annual exempt amount for capital gains tax at £10,600 for 2012/13;
launch a new Seed Enterprise Investment Scheme (SEIS) from April 2012, offering 50% income tax relief on investments and a capital gains tax exemption on gains realised in 2012/13 and then invested through SEIS in the same year – the government will also simplify the Enterprise Investment Scheme by relaxing the connected person rules and the definition of shares that qualify for relief, and remove the £1m investment limit per company for VCTs;
uprate the child element of Child Tax Credit (CTC) and the disability elements of tax credits in line with the Consumer Prices Index in 2012/13 – but it will not go ahead with the planned £110 above inflation increase to the child element of the CTC and will not uprate the couple and lone parent elements of the Working Tax Credit;
reform tax reliefs to encourage gifts of pre-eminent works of art or historical objects to the nation, following consultation; and
allow the stamp duty land tax relief for first-time buyers to end on 24 March 2012 as planned – analysis shows that the relief ‘has been ineffective in increasing the number of first time buyers entering the market’.
freeze the annual exempt amount for capital gains tax at £10,600 for 2012/13;
launch a new Seed Enterprise Investment Scheme (SEIS) from April 2012, offering 50% income tax relief on investments and a capital gains tax exemption on gains realised in 2012/13 and then invested through SEIS in the same year – the government will also simplify the Enterprise Investment Scheme by relaxing the connected person rules and the definition of shares that qualify for relief, and remove the £1m investment limit per company for VCTs;
uprate the child element of Child Tax Credit (CTC) and the disability elements of tax credits in line with the Consumer Prices Index in 2012/13 – but it will not go ahead with the planned £110 above inflation increase to the child element of the CTC and will not uprate the couple and lone parent elements of the Working Tax Credit;
reform tax reliefs to encourage gifts of pre-eminent works of art or historical objects to the nation, following consultation; and
allow the stamp duty land tax relief for first-time buyers to end on 24 March 2012 as planned – analysis shows that the relief ‘has been ineffective in increasing the number of first time buyers entering the market’.
