2010 Budget Report
HOUSING
- Stamp duty scrapped for homes below £250,000 for first-time buyers
- Stamp duty on residential property sales over £1m to increase to 5% from April 2011
FUEL, CIGARETTES AND ALCOHOL DUTIES
- 3p increase in fuel duty rise to be phased in in three stages between April and January 2011.
- Cider duty to rise by 10% above inflation from midnight on Sunday.
- Wine, beer and spirit duties to rise by 2% from midnight on Sunday and further 2% rise planned for two years from 2013.
- Tobacco duty up 1% from midnight on Sunday and by 2% in real terms each year until 2014
HELP FOR BUSINESS
- £2.5bn package for small businesses to boost skills and innovation
- One year business rate cut from October to help 500,000 companies
- Investment allowance for small firms doubled to £100,000
- Doubling relief on capital gains tax for entrepreneurs
- No change to capital gains tax rates
- £385m to maintain road network
JOBS AND TRAINING
- Six month work or training guarantee for under 24s extended to 2012
- Amount of time over-65s must work to receive work credits reduced
PENSIONS AND BENEFITS
- Winter fuel allowance rates extended for further year
- £4 rise in child tax credit for parents with young children from 2012
OTHER TAXES AND ALLOWANCES
- Tax allowances for those on over £100,000 gradually removed. No changes to allowances for everyone else.
- Limits on Individual Savings Accounts to rise in line with inflation
- No changes to VAT or income tax planned
- Inheritance tax threshold frozen for four years
- Clampdown on tax avoidance to raise £500m
- New tax agreements with Belize, Grenada and Dominica
This entry was posted on Wednesday, March 24th, 2010 at 3:08 pm and is filed under Events, News, Press and Media.
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