The Budget 2010
A few key points: Mr Darling’s Budget
The stamp duty limit for first time buyers doubled to £250.000 as from midnight tonight. Funded by an increase to stamp duty on properties worth over 1 million pounds.
Inheritance tax - threshold frozen at £325,000 for four years.
£100 million is to be used to repair local roads after winter damage and £285 million for motorways.
Fuel duty has a 3p increase, but this will be staggered, 1pc in April, 1pc in October and the rest in January 2011.
Duty on beer, wine and spirits to rise 2%. Tax on cider increased by a massive (2p to a price of beer) (and 10p to a bottle of wine)10% above inflation from midnight on Sunday. Tobacco duty increases today by 1%(approx 15p a packet) above inflation this year, then 2%.
Savings
Mr Darling had previously announced that the annual limit on Individual Savings Accounts (Isas) was to be increased to £10,200, from £7,200, in April – the limit was raised the over-50s in October last year. In the 2010 Budget, he added that Isa limit would rise in line with inflation each tax year from now on.
Struggling home owners
The interest rate on a state benefit paid to struggling home owners called Support for Mortgage Interest will remain at 6.08pc for a further six months. The period for which this interest rate would apply had already been extended until June 2010 in the pre-Budget report in December 2009.
The benefit is designed to cover mortgage interest payments for people who have lost their jobs and are on means-tested benefits, such as income support, job seekers allowance and employment and support allowance.
Investors
Capital Gains Tax will remain at a flat rate of 18pc despite rumours that it would increase, although the annual exemption allowance remains at £10,100.
The stamp duty limit for first time buyers doubled to £250.000 as from midnight tonight. Funded by an increase to stamp duty on properties worth over 1 million pounds.
Inheritance tax - threshold frozen at £325,000 for four years.
£100 million is to be used to repair local roads after winter damage and £285 million for motorways.
Fuel duty has a 3p increase, but this will be staggered, 1pc in April, 1pc in October and the rest in January 2011.
Duty on beer, wine and spirits to rise 2%. Tax on cider increased by a massive (2p to a price of beer) (and 10p to a bottle of wine)10% above inflation from midnight on Sunday. Tobacco duty increases today by 1%(approx 15p a packet) above inflation this year, then 2%.
Savings
Mr Darling had previously announced that the annual limit on Individual Savings Accounts (Isas) was to be increased to £10,200, from £7,200, in April – the limit was raised the over-50s in October last year. In the 2010 Budget, he added that Isa limit would rise in line with inflation each tax year from now on.
Struggling home owners
The interest rate on a state benefit paid to struggling home owners called Support for Mortgage Interest will remain at 6.08pc for a further six months. The period for which this interest rate would apply had already been extended until June 2010 in the pre-Budget report in December 2009.
The benefit is designed to cover mortgage interest payments for people who have lost their jobs and are on means-tested benefits, such as income support, job seekers allowance and employment and support allowance.
Investors
Capital Gains Tax will remain at a flat rate of 18pc despite rumours that it would increase, although the annual exemption allowance remains at £10,100.
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source: The Telegraph.co.uk
posted by holidaysafe.co.uk at
16:17
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