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
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