| ANNUAL INVESTMENT ALLOWANCE |
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From April 2010 the 100% tax relief on capital expenditure increases from £50,000 to £100,000.
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| BUSINESS PAYMENT SUPPORT SERVICE (BPSS) |
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HMRC have extended BPSS for the term of the next Parliament.
BPSS allows businesses to defer their Corporation Tax, Income Tax,
PAYE, National Insurance and VAT.
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| PERSONAL TAX |
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No major changes to income tax rates or personal allowance announced in the budget.
Already announced:
- 50% rate on income over £150,000.
- Progressive withdrawals of personal allowance on income after £100,000.
- Freeze on personal allowances for 2010/11.
- Increase of 1% on all National Insurance rates from April 2011.
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| CAPITAL GAINS TAX |
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Entrepreneur relief. Lifetime limit increased from £1m to £2m.
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| STAMP DUTY |
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Exemption for next two years on purchases up to £250,000 for first time buyers.
A higher rate of Stamp Duty from April 2011 of 5% on properties over £1m.
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| INHERITANCE TAX |
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The threshold is to be frozen for four years at £325,000.
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For further information please contact:
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| Hugh Davies |
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hugh@hugh-davies.co.uk |
| Ian Sheekey |
|
ian@hugh-davies.co.uk |
| Telephone |
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01722 336647 |
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| Click here for a pdf version of this budget report |
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