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United Kingdom — Budget 2012

Changes in Income Tax

Background

Key highlights of the UK Budget announced on 21 March 2012 include:

  • A reduction in the top rate of tax to 45%,
  • The introduction of a General Anti-Avoidance Rule,
  • Measures to restrict the funding of pensions for family members,
  • Abolition of “ordinary residence” for tax purposes.

All these are expected to take effect from 6th April 2013.

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