The Emergency Budget’s Main Bulletins – What Will Effect You

22 06 2010

‘I will not hide hard choices from British people’ – George Osbourne

VAT

On the 4th January 2011, VAT will rise to 20%. This will earn £13bn a year by the end of parliament.

Capital Gains Tax

The higher rate of Capital Gains Tax will be increased to 28% from Midnight tonight. The lower rate will remain the same, as will the Capital Gains Tax allowance (£10,100)

Entrepreneurial Relief

Instead of £2m of lifetime gains, the first £5m of lifetime gains will qualify for Entrepreneurial relief.

Income Tax

There is no increase in the rate in which Income is going to be taxed; but the personal allowance will raise to £7,475 a year from April 2011. This is one step towards gradually increasing the allowance to £10,000.

Public Sector Pay Freeze

There will be a 2 year pay freeze for Public Sector employees

Tax Credits

Tax credits for families earning over £40k a year will be reduced.

Child Benefit

Child benefit will be frozen for 3 years.

Housing Benefits

Maximum limits on housing benefits will be introduced.

State Pension Age

The plans to raise the State Pension age to 66 will be accelerated.

Corporation Tax

Corporation Tax will be reduced by 1% each year for the next four years, bringing it down to 24% by the end of parliament.

Bank Tax

Starting in January 2011, there will be a bank tax. This tax, by the end of parliament, is expected to raise £2bn a year.

Why not visit the best Tax Accountant in Sussex’s website?

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NIC for Employees

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