This note provides an overview of the new and ongoing initiatives and measures outlined by the government in the Budget of 21 March 2012 (2012 Budget) that will impact specifically on the UK financial services industry. It also includes reference to the relevant legislation that has been enacted through the Finance Act 2012 to give effect to these measures, as well as related initiatives announced in the 2012 Autumn Statement.

For links to tailored PLC practice area updates on the 2012 Budget and comments from leading tax practitioners on what they consider to be the key points of interest for business, see PLC 2012 Budget.