Budget 2010 : What was in it for you?

Posted by on 17 June 2010 | 20 Comments

Income tax allowances and thresholds for 2010/11 have been frozen at 2009/10 levels (unless your income exceeds £100,000) and broadly speaking rates of National Insurance will remain the same.

If you’re a high earner..

Income tax rate of 50% will apply to individuals earning in excess of £150,000 from April 2010. Personal tax allowances for individuals earning in excess of £100,000 from April 2010 are reduced on a sliding scale. There will be no personal allowance for individuals earning in excess of £112,950. You may also be affected by a reduction in the relief available on pensions; the tax relief is reduced on a sliding scale. Additional legislation was introduced in Finance Act 2009 to prevent relief for higher pension payments being claimed now.

If you’re an investor..

You will be pleased with the fact that the capital gains tax rate remains at 18%. For entrepreneurs the news is even better as those that qualify for Entrepreneurs Relief will now be taxed 10% on the first £2m of capital gain.

If you’re a saver..

The ISA limits are to be increased from £7,200 to £10,200, with the cash element also increasing from £3,600 to £5,100. This change was implemented for individuals over 50 for 2009/10, and now applies for everyone else from April 2010.

We are already working hard on developing planning strategies to help you following the Budget announcement. The content of this briefing is intended to highlight a few topical issues arising from the Budget 2010. You should not act upon this information without taking proper professional advice after a thorough examination of your situation. It should not be regarded as a basis for ascertaining liability to tax or determining investment strategy in specific circumstances.

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