News

How does the Budget affect you?

24 March 2010

Available to download is our Budget review covering the key points of Alistair Darling’s pre-election Budget. Some of the changes were trailed in last December’s Pre-Budget Report but there are many new announcements.

This year there were over 70 supporting Budget notes, showing how many changes were not announced in the speech itself. The most relevant of these changes for individual investors included:

• Increased contribution limits for ISAs.

• The doubling of capital gains tax entrepreneurs’ relief to £2 million.

• Restriction of higher rate relief for certain pension contributions.

• The increase in the stamp duty land tax threshold to £250,000 for first

time buyers.

• The increase in the stamp duty land tax rate from 4% to 5% for

purchases of residential property costing over £1 million starting in

2011/12.

We hope that this summary proves useful and, if any of the areas discussed seem likely to have an impact on your tax and financial planning, please do not hesitate to contact us.