2010 Summer Budget

Budget highlights

• The standard rate of VAT will be 20% from Tuesday 4 January 2011
• The personal allowance will rise by £1000 in 2011/12, but higher rate taxpayers will not benefit because the basic rate limit will be cut
• From 23 June 2010 the rate of capital gains tax will increase to 28% for higher and additional rate taxpayers, but will remain at 18% for basic rate taxpayers
• Entrepreneurs relief will continue at 10% and from 23 June 2010 the lifetime limit will be raised to £5 million per person
• The main corporation tax rate will fax to 27% from 1 April 2011 and be reduced by 1% a year in the following three years

Please click here to download the 2010 Summer Budget report as a PDF document

 

 

Budget Report 2010

Budget highlights

• Confirmation of the 50% Additional Tax Rate , reduction in personal allowances and reduction in tax relief for pension contributions for higher earners from April 2010
• Stamp Duty land tax threshold raised to £250,000 for first time buyers
• Increase in small business rate relief
• Annual Investment Allowance doubled to £100,000 on qualifying expenditure on plant and machinery incurred on or after 1 April 2010
• Doubling of Capital Gains Tax Entrepreneurs' Relief
• Inheritance tax threshold frozen at £325,000 until 2015
• Restriction of higher rate relief for certain pension contributions
• Time to pay scheme extended

Please click here to download the 2010 Spring Budget report as a PDF document

 

 

Tax Calendar 2010/11

Please click here to download our Tax Calendar featuring key tax deadlines for the financial year 2010/11.