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Budget Summary

2nd May 2012

Despite some speculation that Budget 2012 may have brought some unwelcome surprises in the pensions arena, the net resultappears to be largely as predicted with most key changes being confirmation of previously announced reforms.

The key winners from this year’s budget are those on low to middle incomes with the confirmation that, in addition to the £630 increase in personal allowance from 6 April 2012 there will be an additional increase of £1,100 from 6 April 2013 to £9,205.

Some of the key losers are those who employ aggressive tax mitigation strategies including a restriction on uncapped tax relief and those individuals with children receiving child benefit and with an income of more than £50,000.

Retired clients are unlikely to see as significant a benefit as the age-related personal allowance will not be increased to the same extent. In addition the age allowance is targeted to be phased out as part of simplification with the abolition of age allowance for what would have been future recipients.

High earners are likely to feel there is some benefit to them given the 5% reduction in the highest income tax rate from 2013.

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