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The 2010 post election Budget |
Well that wasn't so terrible!
Personal tax
Personal alowance to increase by £1,000 from next April.
Higher rate tax bands will be reduced so that higher rate taxpayers get no overall benefit from the increased personal allowance.
Insurance premium tax to increase.
Child benefit frozen for three years.
VAT
The main rate goes up to 20% from 4 January 2011 so plenty of time to get a new telly.
No change to current list of zero rated, exempt or reduced rate items.
Companies
Main rate of corporation tax to reduce by 1% a year from 2011 to 24%.
Small profits rate to reduce to 20%.
Capital allowances main plant and machinery rates to fall to 18% (currently 20%) from April 2012.
Annual investment allowance to fall to £25,000 from April 2012.
Capital gains tax
Rate increased to 28% for higher rate taxpayers, although this just seems to be those who will pay 50% tax.
Entrepreneurs relief increased to £5million lifetime allowance.
Inheritance tax
No change.
Sin taxes
No increases for a change and the previous increase in cider duty is reversed.
State benefits
Bad news if you are on benefits. Probably more to come as well.
Housing benefit capped at £280/month for a one bedroom home to £400 for a four, or larger, bedroom home.
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| Pensions |
| Pensions are just
saving in a particular tax wrapper. As the debate rages keep in mind that there
are other legitimate savings plans that don't require you to lock up your money
with complete strangers for most of your life. |
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| IR35 |
| Not the fearsome
tax gatherer it was originally thought to be. The Revenue lose most cases
these days and now it's really down to getting your story straight and avoiding
unhelpful contracts. |
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| My Motorbike |
This is my motorbike. I bought it new just after I passed my test. It is a
1999 Honda Fireblade. |
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