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Emergency Budget June 2010 |
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Coalition first budget provides tears of joy and agony for taxpayers and businesses.
- Increase in standard rate of VAT from 17.5% to 20% with effect from 4 January 2011
- Above-inflation increase in personal allowances for 2011/12
- Reduction in tax credits for middle-income families from 2011/12
- Employer’s NIC holiday for new businesses in some parts of UK from September 2010
- Rethinking of the restriction of higher rate pensions tax relief in 2011/12
- Reform of requirement to use pension funds to buy an annuity at age 75
- Immediate increase in rate of CGT to 28% for higher rate taxpayers
- Increase in lifetime limit for Entrepreneurs’ Relief to £5m
- Cuts in corporation tax rates from April 2011 – main rate down to 24% over four years – small company rate down to 20%
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