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