Highlights from the March 2012 budget report

• Stamp duty will be increased by 2% to 7% for all homes sold for more than £2million. Properties over £2million purchased by companies will now incur a 15% tax charge
• Road tax is going up by the rate of inflation. The 3p increase in fuel duty planned for August 2012 has not been frozen by the Government and will still be applied.
• Tobacco duty has been increased 5% above inflation and beer is expected to increate 5p per pint and a bottle of wine by 9p
• Personal tax allowance has increased to £8105 on the 6 April 2012 and will rise further to £9205 on 6 April 2013. But the threshold for 40% tax will be decreased to £41,450 next April as well
• Cash ISA limits are being increased to £5,640 and overall ISA limits to £11,280
• The 50% tax band for higher earners will be decreased to 45% from April 2013
• Large corporation tax has been cut with a 1% decrease to 24% from April. Corporation tax will be cut to 22% by 2014. Smaller company corporation tax remains at 20%
• VAT threshold, the point where registration is required, will be £77,000 after 31 March 2012
• From 1 December 2012 onwards all non-UK established businesses will need to register for VAT immediately, thus cannot make use of any UK VAT threshold
• From 1 October 2012, provision of chairs in a hairdressing salon to self-employed stylists will be standard rated
• From 1 October 2012 holiday caravans will no longer be zero-rated