Budget Summary

With the country likely to go to the polls on 6 May, Mr Darling’s third Budget was predictably as much a political exercise as a conventional set of announcements. While many of the measures had been set out in last December’s Pre-Budget Report, there were also some surprises. These incl...

With the country likely to go to the polls on 6 May, Mr Darling’s third Budget was predictably as much a political exercise as a conventional set of announcements. While many of the measures had been set out in last December’s Pre-Budget Report, there were also some surprises. These incl...

Introduction George Osborne described his first Budget as ‘the unavoidable Budget’ in which spending cuts outweighed tax increases by a ratio of 77% spending cuts to 23% tax increases. The capital gains tax changes were less harsh than many feared. The new top rate of 28% is muc...

Introduction George Osborne described his first Budget as ‘the unavoidable Budget’ in which spending cuts outweighed tax increases by a ratio of 77% spending cuts to 23% tax increases. The capital gains tax changes were less harsh than many feared. The new top rate of 2...

The Chancellor is currently giving his Budget speech. A full Budget summary will appear here overnight - please check back here for further detail in the morning....

In an unusually late April Budget, Alistair Darling introduced important tax and other changes against a background of deepening economic difficulties in the UK and globally. There was welcome news for savers in the increase of the ISA limit to £10,200 and the cash ISA limit to £...

Income tax allowances and reliefs and credits 2010/11 2009/10 Personal (basic) £6,475 £6,475 Personal allowance reduced by 50% of income over £100,000 N/A Personal (age ...

Income tax allowances and reliefs and credits 2010/11 2009/10 Personal (basic) £6,475 £6,475 Personal allowance reduced by 50% of income over £100,000 N/A Personal (age ...

Income tax allowances and reliefs and credits 2010/11 2009/10 Personal (basic) £6,475 £6,475 Personal allowance reduced by 50% of income over £100,000 N/A Personal (age ...

Income tax allowances and reliefs and credits 2009/10 2008/09 Personal (basic) £6,475 £6,035 Personal (age 65-74) £9,490 £9,030 Personal (age 75 & over) £...

Income tax allowances and reliefs and credits 2010/11 2009/10 Personal (basic) £6,475 £6,475 Personal allowance reduced by 50% of income over £100,000 N/A Personal (age ...

Capital gains tax (CGT) rates and annual exemption There will be a new rate of CGT of 28% from 23 June 2010. For individuals, the rate of CGT remains at 18% where their net taxable gains and taxable income are less than the income tax basic rate limit currently £37,400. The 28% rate ...

Capital gains tax (CGT) rates and annual exemption There will be a new rate of CGT of 28% from 23 June 2010. For individuals, the rate of CGT remains at 18% where their net taxable gains and taxable income are less than the income tax basic rate limit currently £37,400. The 28% rate appli...

Stamp duty land tax (SDLT) There will be relief from SDLT on purchases of residential properties that cost up to £250,000, where the transaction is completed on or after 25 March 2010 and before 25 March 2012. This relief can only be claimed by first time buyers who intend to occupy ...

Capital gains tax The 2009/10 capital gains tax annual exemption is £10,100 and the exemption for trusts is generally £5,050. Inheritance tax The 2009/10 inheritance tax nil rate band is £325,000 and the rate of tax on death remains at 40%. Inhe...

Corporation tax rates The main rate of corporation tax will remain at 28% from 1 April 2011. The small companies’ rate will continue at 21% from 1 April 2010. Associated companies and groups The Government intends to reform and simplify the associated company rules ...

Corporation tax rates The main rate of corporation tax will remain at 28% from 1 April 2011. The small companies’ rate will continue at 21% from 1 April 2010. Associated companies and groups The Government intends to reform and simplify the associated company rules ...

Corporation tax rates The corporation tax rates are as follows: 12 months to 31 March 11 12 months to 31 March 12 Small profits rate 21% 21% Marginal rate 29.75% 28.75% ...

Corporation tax rates The main rate of corporation tax will remain at 28% from 1 April 2010 and the small companies’ rate continues at 21% for 2009. First year allowances A new temporary first year allowance (FYA) of 40% will apply to expenditure on general plant an...

Corporation tax rates The corporation tax rates are as follows: 12 months to 31 March 11 12 months to 31 March 12 Small profits rate 21% 21% Marginal rate 29.75% 28.75% ...

Registration and deregistration thresholds The VAT registration threshold will increase to £70,000 (from £68,000) from 1 April 2010. The threshold at which a business can apply for deregistration will rise from £66,000 to £68,000 from the same date. ...

Change of standard rate The standard rate of VAT will increase from 17.5% to 20% from Tuesday 4 January 2011. Goods and services that are currently exempt from VAT or subject to VAT at the zero or 5% rates will not be affected by this change. Anti-forestalling rules will counter scheme...

Registration and deregistration thresholds The VAT registration threshold will increase to £68,000 (from £67,000) from 1 May 2009. The threshold at which a business can apply for deregistration will increase from £65,000 to £66,000 from the same date. Temp...

Change of standard rate The standard rate of VAT will increase from 17.5% to 20% from Tuesday 4 January 2011. Goods and services that are currently exempt from VAT or subject to VAT at the zero or 5% rates will not be affected by this change. Anti-forestalling rules will counte...

Disclosure of tax avoidance schemes (DOTAS) The DOTAS legislation will be revised to: Change the trigger point for the disclosure of actively marketed schemes. Include a new requirement for a person who introduces a client to a notifiable scheme to provide HMRC with the ...