The UK budget generally takes place in March of each year although there is provision to have an interim emergency budget which did happen in October 2010. If you are wondering ‘when is the UK budget?‘ then the answer is that it will take place on Wednesday 21st March 2012 at 12.30pm.
There are rumours starting about what will be included in this years budget by George Osborn. He announced a few years ago that the personal tax allowance for an individual should be increased to £10,000 eventually and that was planned to happen in 2015. However, there is some pressure to increase the personal allowance sooner rather than later to ease the burden of tax from lower paid families.
But, for every tax concession there has to be a way of clawing that money back that has been given away and there are also rumours of how the chancellor will do that, including once again hitting pension tax relief or increasing the higher rate tax bands so that more people are caught by 40% or 50% tax on their earnings.