2010 Budget Report

Wed 24th Mar 2010

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
Wed 24th Mar 2010

Related Services & sectors

Search News & Events

Popular

Pattern

Changes to Paternity Leave in April 2024: What do you need to know?

As of 6th April 2024, paternity leave will be changing to reflect a shifting attitude…

Read more

Pattern

Suspecting a Power of Attorney of financial abuse: what can you do?

What steps should you take if you suspect someone is committing financial abuse as a…

Read more

Portfolio Builder

Select the legal expertise that you would like to download or add to the portfolio

Download    Add to portfolio   
Portfolio
Title Type CV Email

Remove All

Download


Click here to share this shortlist.
(It will expire after 30 days.)