PERSONAL TAX ISSUES Personal Tax Allowance The personal allowance for 2010-11 remains at £6,475. The basic personal allowance will rise to £7,475 from April 2011 with a commitment to further increases towards the promised £10,000 target by the end of the present parliament. Tax bands The income figure above which . . . → Read More: Emergency Budget June 2010
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Following George Osbornes emergency budget today, 22 June 2010, below are a list of changes that will take affect in the future. Tax Changes The standard rate of VAT will rise from 17.5% to 20% from 4 January 2011. The Personal allowance for under 65’s will rise from £6,475 to £7,475 for the 2011-12 . . . → Read More: Budget June 2010 – How the budget will affect you. Stamp Duty Land Tax (SDLT) First time house buyers will be exempt from Stamp Duty on a property purchase up to £250,000. This is for transactions taking place on or after 25 March 2010 and before 25 March 2012. To qualify all of the following conditions must be met: The individual purchase a major . . . → Read More: The Budget 2010 – Personal Tax Announcements Annual Investment Allowance At present it is possible to write off the full cost of up to £50,000 of capital expenditure on qualifying assets. This limit is doubled from 1 April 2010 (for corporation tax) and 6 April 2010 (for income tax) to £100,000. First Year Allowance The first year allowance of 40% ceases . . . → Read More: The Budget 2010 – Business Tax Announcements |
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