Here are a few of the changes brought in by Chancellor George Osborne's 2010 Coalition Budget.
Personal Tax Allowances
An increase of £1000 in allowances for 2011/12 for those <65 years old.
Tax Rates
The Basic Rate limit and the Upper Earnings & Profit limits for NIC have been reduced for 2011/12.
National Insurance
NIC Primary Threshold to increase from April 2011 plus a 1% increase in Employer Costs and Self Employed contribution.
Corporation Tax
Main Rate down by 1%.
Capital Gains Tax
Higher Rate Taxpayers to pay CGT at 28% after 23 June 2010.
VAT
Standard Rate of VAT increases to 20% from 4 January 2011.
If considering tax planning measures based upon the above we would encourage you to talk to us about the implications before making decisions.
For more information, please follow the links below
Walker Thompson
HM Treasury
Friday, 6 August 2010
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