Budget Summary & June Tax Tables

Posted: 23rd June 2010, 10:38am

Rayner Essex

Budget Summary and June Budget Tax Tables 2010/11

Wednesday, 23 June 2010

Budget Summary and June Budget Tax Tables 2010/11

Please click here for our Budget review and the June Budget edition of our tax card covering the key tax issues in George Osborne’s first Budget. The June Budget had been characterised as ‘the unavoidable Budget’ and the ‘emergency Budget’ and contained a number of very important announcements about tax.

These included:

  • The increase in the rate of VAT from 17.5% to 20% to take effect in the new year.
  • The increase in the personal allowance in the tax year 2011/12.
  • The immediate increase in the rate of capital gains tax for higher rate income tax payers from 18% to 28%.
  • The rise in entrepreneurs’ relief for capital gains tax from £2 million to £5 million.
  • The progressive cuts in the rates of corporation tax over the next four years, financed by cuts to capital allowances.
  • The abolition of the effective requirement to annuitise pensions at age 75 and the prospect of changes to higher rate tax relief on pension contributions.

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

Mark Moore Rayner Essex LLP

St. Albans Office

Faulkner House

Victoria Street

St Albans, Herts, AL1 3SE t: 01727 833222

f: 01727 864752

e:fh@rayneressex.com

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