Happy Old Couple

 

BUDGET HIGHLIGHTS  

BUDGET 2010 at a glance:  

* Personal Allowance unchanged at £6,475  

* National Insurance rates unchanged at 11% and 12.8%  

* Corporation Tax unchanged at 21%  

* Capital Gains tax unchanged at 18%    

* VAT remains unchanged at  17.5%  

* VAT threshold increased from £68,000 to £70,000 from 1 April  

* From this April, a new 50% rate of tax will apply to incomes above £150,000  

* A freeze in the inheritance tax (IHT) allowance of £325,000 in 2010-11 

* Doubling the Annual Investment Allowance to £100,000, allowing more capital expenditure to be offset against taxable profits  

* Entrepreneurial relief lifetime limit increased to £2m

* 2 year stamp duty relief for purchases up to £250,000  

* Inheritance tax threshold of £325,000 frozen until 2014

* Beer, wine and spirits duty up by 2%

Thought about planning for your old age?We would advise obtaining advice from an IFA together with your accountant when planning for your future i.t.o. pensions, investments etc. We work closely with trusted, experienced IFA’s and together we would be happy to provide you with some valuable guidance.  Here is to a great 2010/11 tax year!
 
NI Rebates! - have a read to see if this is of interest to you and appropriate for your circumstances:
Read More