EMERGENCY BUDGET 2010
Budget Highlights 2010
Increase in National Minimum Wage
Latest Phishing Scams
Basic rate personal tax allowance set to rise
Draft Guidance on Transfer of unused Nil Rate Band
| Income Tax Reliefs | 2008/2009 | 2007/2008 | |
| £ | £ | ||
| Personal Allowance (Individual) | 6,035 | 5,225 | |
| Age (Individual) 65-74 | 9,030 | 7,550 | |
| Age (Individual) 75 or over | 9,180 | 7,690 | |
| Blind Person's Allowance | 1,800 | 1,730 | |
| Married Couples Allowance | |||
| Age less than 75 and born before 06.04.1935 | 6,535 | 6,285 | |
| Age 75 or over | 6,625 | 6,365 | |
| Minimum Amount of Allowance | 2,540 | 2,440 | |
| Age Allowance Earnings limit | 21,800 | 20,900 | |
| Rent-a-room' limit | 4,250 | 4,250 | |
| Income Tax Rates | 2008/2009 | 2007/2008 | |
| £ | £ | ||
| 10% | 0 | 1 - 2,230 | |
| 20%/22% | 1 - 36,000 | 2,231 - 34,600 | |
| 40% | 36,000+ | 34,600+ | |
| Investment Limits | 2008/2009 | ||
| £ | |||
| Enterprise Investment Scheme (EIS) | 500,000 | ||
| Venture Capital Trusts (VCT's) | 200,000 | ||
| Individual Savings Accounts (ISA's) Maximum | 7,200 | ||
| Stocks and shares (up to) | 7,200 | ||
| Cash (up to) | 3,600 | ||
| Corporation Tax | £ | £ | |
| Financial Year ending | 31.03.2009 | 31.03.2008 | |
| Full Rate | 28.00% | 30.00% | |
| Small Companies' Rate | 21.00% | 20.00% | |
| Effective Marginal Rate | 29.75% | 32.50% | |
| Small Companies' Profit Limit | 300,000 | 300,000 | |
| Small Companies' Marginal Relief Upper Limit | 1,500,000 | 1,500,000 | |
| Marginal Relief Fraction for Small Companies | 7/400 | 11/400 | |
| Capital Gains Tax | 2008/2009 | 2007/2008 | |
| £ | £ | ||
| Annual Exemption (Individual) | 9,600 | 9,200 | |
| Annual Exemption (Trust) | 4,800 | 4,600 | |
| Capital Gains Tax Rates | 2008/2009 | 2007/2008 | |
| Individual (07/08 taxed at top slice of income) | 18% | 10%/20%/40% | |
| Trust | 18% | 40% | |
| VAT | £ | ||
| Standard Rate | 17.50% | ||
| Mandatory Registration Limit from 1 April 2008 | |||
| Annual Turnover exceeds | 67,000 | ||
| De-registration Limit from 1 April 2008 | 65,000 | ||
| Cash Accounting Maximum Turnover | 1,350,000 |