Emergency budget calendar 2010

1. Emergency Budget 2010 Calendar
TAX SAVINGS
Capital gains tax
Entrepreneurs relief applies for Small rate
“business gains”. The lifetime Corporation tax
limit of gains now increases to To reduce to 20%
Full rate of
£5m from £2m
corporation tax
Main rate This tax rate falls to
Corporation tax 26%. It will also
National Insurance
To reduce to 27% reduce by 1% in the
NIC holiday for start
next 2 years
ups outside London,
the South East and
East of England. Personal allowance
Saving up to £5,000 To increase by
per employee. £1,000 to £7,475
6 April 22 June 6 September 4 January 6 April 6 April
2010 2010 2010 2011 2011 2012
VAT
Capital gains tax Increase Income tax
Higher rate taxpayers standard rate Basic rate Capital allowances reduce
TAX INCREASES
(i.e. Individuals from 17.5% to threshold down Annual investment
earning over 20% by £2,500 (tbc) allowance (100% write off)
£43,875) tax rate £25,000 down from
increases from 18% £100,000
to 28%
Insurance National Insurance
Premium tax Upper earnings Writing down allowances
Increase and profit limits 20% rate down to 18%
standard rate down £1,650 . 10% rate down to 8%
from 5% to 6%
and higher Employers &
rate from employees NIC
17.5% to 20% increase by 1%
“...with so many tax changes announced by George Osborne in his first budget it is important to
see when these changes will impact upon individuals and businesses. This enables planning to
maximise the opportunities available.”
Andrew Diver, Head of Taxes, Beatons Group
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