Fw: Emergency Budget 2010: tough measures for tough times

Andrew Cawkwell
Partner
Direct Dial: 0191 2444338
Mobile: 07973 502809

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From: Tait Walker <advice@taitwalker.co.uk>
To: Andrew Cawkwell
Sent: Wed Jun 23 07:13:53 2010
Subject: Emergency Budget 2010: tough measures for tough times

You are receiving this email as you are a subscribed user on www.taitwalker.co.uk | Contact Us Editors Comments George Osborne's first Budget did as was expected of it: cut public spending and raise some taxes in an effort to combat the deficit. Along with a two-year freeze on most public sector pay and a significant reduction in Government department spending over the next four years, the Chancellor introduced an eye-catching 2.5 per cent increase in VAT. There was a rise in capital gains tax, but only to 28 per cent. Businesses, though, can look forward to some tax savings. Both large and small company corporation tax is to be reduced, and employers will be spared the increase in national insurance contributions planned by the last Government. Access the full report News Round-up Emergency Budget 2010: tough measures for tough times 22 Jun Not for a political generation or two has a Budget generated such intense interest. Pre-announcements by the Coalition Government had prepared everyone for large-scale changes to the tax system and for deep public spending cuts. » read full article Featured Articles Business announcements Changes to corporation tax announced including a lower main rate of 24% and small companies rate of 20%. Further changes include an increase in the secondary national insurance threshold by £21 over and above the rate of inflation. Capital allowances, R&D relief, enterprise management incentives, interest harmonisation and venture capital schemes all feature in the Budget announcements. » read full article Personal taxation Starting on the road to a personal allowance of £10,000 the personal allowance increases by £1,000 from April 2011. Child benefit frozen for three years, changes to tax credit eligibility, UK REITs, deduction of income tax at source, buying an annuity, guardianship and residence orders, relief for carers. » read full article Capital taxes Increase in the capital gains tax rate to 28% for higher and additional rate taxpayers and an immediate increase in the lifetime limit for entrepreneurs' relief from £2 million to £5 million. Annual exempt limit for 2010/11, private residence relief and adult placement carers. Read our capital gains tax articles » read full article Duties Changes to the rules for claiming a stamp duty land tax repayment and the announcement that the proposed landline duty will not be implemented. Tobacco duties, aggregates levy and the duty increase on cider. » read full article Other announcements A raft of changes including a review of HMRC powers, penalties for late filing of returns and payments of tax. A new bank levy, income tax and shared lives carers, landfill tax, trusts and compensating asbestos victims, pensions taxation and insurance premium tax increase » read full article Value added tax The standard rate of VAT is to increase to 20 per cent on 4 January 2011. This change is accompanied by anti-forestalling legislation. The change will also result in increase to the rates applicable to business types under the flat rate scheme. Implementation of EU cost-sharing exemption. The right to deduct 'Lennartz' accounting. Postal services and passenger transport and changes to the place of supply of gas, heat, electricity and cooling. » read full article Vehicle taxation The tax regime for vehicles for 2010/11 including car, van and fuel benefits and car mileage allowances which increased on 1 June 2010. » read full article 2010/11 rates and allowances 2010/11 tax rates for income tax, corporation tax, capital gains tax, capital allowances, value added tax, stamp taxes and much more. » read full article Copyright © 2010 Tait Walker All rights reserved. Tait Walker Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

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