June 2010 Budget Highlights
Tue, 22 Jun 2010 13:03:00
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Initial tax headlines from todays speech include: Corporation Tax Main CT rate to reduce by 1p every year for 4 years to 24% Small Companies Rate to be cut to 20% from 1 April 2011 Taxation of Foreign profits, IP and R&D to be reformed to make UK more business friendly Reduction in Capital Allowances from 20% to 18%, and from 10% to 8%, from 1 April 2012 Annual Investment Allowance reduced from £50,000 to £25,000 from 1 April 2012 Videogames relief will not be introduced VAT / Indirect Tax 20% main rate to be introduced on 4 January 2011, with continued exemptions for essential goods Insurance Premium Tax rates to increase from 5% to 6% and from 17.5% to 20% Capital Gains Tax Rate of CGT to increase to 28% for higher rate and top rate income tax payers (basic rate taxpayers rate to remain at 18%) with no tapering based on length of ownership New CGT rate to be introduced for gains made from midnight Annual exemption to remain unchanged at £10,100 Entrepreneurs' Relief will apply to first £5M of qualifying gains Income Tax Personal allowance to increase by £1,000 from 5 April 2011 - higher rate and top rate taxpayers will not benefit Higher rate income tax threshold to remain unchanged until 2013 Furnished Holiday Letting rules will not be abolished National Insurance Employers NIC threshold to increase above inflation as planned Up to £5,000 exemption from Employer's NIC for each of first 10 people employed by new businesses located outside South East Inheritance Tax No announcements in speech Stamp Duty No announcements in speech Other Introduction of a Bank Balance Sheet Levy, subject to a deminimis level, from January 2011 Landline Duty will not be introduced Freeze in Council Tax for 2011/12  |
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