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Where Taxpayers and Advisers Meet
Editorial - 2012 Budget
26/03/2012, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax Articles - Budgets and Autumn Statements
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Well, I am pleased to say that we did rather well on our Budget Predictions ( What Do We Expect in Budget 2012? ) but I don't think many expected that we'd also see the withdrawal of the additional Age Allowance for older taxpayers.

The resulting 'backlash' in the press - combined as it is with a reduction in the Additional Rate of tax from 50% to 45% - comes as a surprise to nobody except the Chancellor, it seems.

Elsewhere there are some interesting developments in amongst all the press releases - particularly for businesses - including what seems to be the introduction of Entrepreneurs' Relief for any holding of shares in a qualifying Enterprise Management Incentive Scheme. (Entrepreneurs' Relief currently requires a minimum 5% share holding in order to qualify). The Budget notes themselves have proved disappointingly light on detail in many areas, such as the proposed overall £50,000 cap on tax reliefs (presumably including losses) for individuals. Ironically for a business-oriented Budget, that could prove to be a huge disincentive to start a new business venture.

The draft legislation itself is due to be published in a couple of days' time. Hopefully then we'll be better placed to evaluate the proposals.

Meanwhile, I am pleased to say we have Budget 2012 - 10 Key Points from Bloomsbury Professional and Taxbriefs Budget 2012 Report for a comprehensive review of the changes in the Budget.

Best wishes,

Mark McLaughlin

Managing Editor

About The Author

Mark McLaughlin is a Fellow of the Chartered Institute of Taxation, a Fellow of the Association of Taxation Technicians, and a member of the Society of Trust and Estate Practitioners. From January 1998 until December 2018, Mark was a consultant in his own tax practice, Mark McLaughlin Associates, which provided tax consultancy and support services to professional firms throughout the UK.

He is a member of the Chartered Institute of Taxation’s Capital Gains Tax & Investment Income and Succession Taxes Sub-Committees.

Mark is editor and a co-author of HMRC Investigations Handbook (Bloomsbury Professional).

Mark is Chief Contributor to McLaughlin’s Tax Case Review, a monthly journal published by Tax Insider.

Mark is the Editor of the Core Tax Annuals (Bloomsbury Professional), and is a co-author of the ‘Inheritance Tax’ Annuals (Bloomsbury Professional).

Mark is Editor and a co-author of ‘Tax Planning’ (Bloomsbury Professional).

He is a co-author of ‘Ray & McLaughlin’s Practical IHT Planning’ (Bloomsbury Professional)

Mark is a Consultant Editor with Bloomsbury Professional, and co-author of ‘Incorporating and Disincorporating a Business’.

Mark has also written numerous articles for professional publications, including ‘Taxation’, ‘Tax Adviser’, ‘Tolley’s Practical Tax Newsletter’ and ‘Tax Journal’.

Mark is a Director of Tax Insider, and Editor of Tax Insider, Property Tax Insider and Business Tax Insider, which are monthly publications aimed at providing tax tips and tax saving ideas for taxpayers and professional advisers. He is also Editor of Tax Insider Professional, a monthly publication for professional practitioners.

Mark is also a tax lecturer, and has featured in online tax lectures for Tolley Seminars Online.

Mark co-founded TaxationWeb (www.taxationweb.co.uk) in 2002.

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