There are, it must be said, some terribly dull pieces of government. What follows is one of them, albeit one of the most important dull pieces of government there is...
Exchequer Secretary to the Treasury (David Gauke): Following decisions announced at the June Budget and the release of retail and consumer prices data for September, the Government has today confirmed 2011-12 rates and thresholds for income tax, National Insurance Contributions (NICs), and tax credits. The limit for Individual Savings Accounts (ISA) for 2011-12 has also been confirmed.
A note containing this information has been deposited in the libraries of both Houses and is available on the HM Treasury website at: http://www.hmtreasury.gov.uk/tax_autumn_updates.htm.
There is a statutory obligation on the Treasury to make an order to replace the existing amounts of income tax rate limits and personal allowances for the following tax year. The 2010 indexation order has been made today and sets out the indexed amounts of income tax rate limits and personal allowances for 2011-12. In the case of the personal allowance and basic rate limit, this order will be over-ridden by the Finance Bill next year that will legislate for the changes announced at Budget 2010.
The relevant regulations and orders for NICs and tax credits will be laid in spring 2011.
Time to have a look at what this means later...
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