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Emergency Budget 2010 - further tax measures

Mercer & Hole can report the following tax measures:

  • VAT - increased to 20% from 4 January 2011(zero rating remains for food and children's clothes).
  • Council Tax - the Government will assist local councils freeze council tax for one year (from 2011).
  • Capital Gains Tax - 
    • Basic rate tax payers will pay 18%
    • From midnight tonight higher rate tax payers will pay 28%
    • The entrepreneurs' rate will be extended to the first £5 million earned.
  • Income tax - the £6,475 tax free allowance will be increased to £7,475 in April 2011 (higher rate tax payers will not benefit from this change).
  • There were no new duties on tobacco, alcohol and fuel.

 

 

 

Date: 22nd June, 2010
Author: Lisa Spearman

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