Budget Summary 2011 Introduction Income Tax Tax Credits and Benefits National Insurance Employees Savings and Investment Capital Gains Tax Inheritance Tax Corporation Tax Business Tax Value Added Tax Stamp Duty Land Tax Other Measures Income Tax Rates and Allowances National Insurance Contributions

Tax Credits and Benefits Tax Credits Changes to tax credit rates were announced in the Autumn. The family element of Child Tax Credit (£545) has been paid to couples with incomes up to £50,000, and it was reduced to nothing when combined income reached £58,000; in 2011/12 it will start to be tapered away when income is £40,000 and will be zero by £41,330. Other important changes include the reduction of the 'disregard' of increases in income from £25,000 to £10,000. Pensioners The basic retirement pension will rise for 2011/12 by 4.6% to £102.15 for a single person.