George Osborne delivered his first main budget today.
If you want to read the Revenue Budget documents in full, PDFs are available by clicking on the links below. I would be careful about printing them off, as one of the documents runs to 240 pages!
The main points are as follows:
• Approved tax-free mileage rate increases to 45p from 40p from 6 April 2011
• Income Tax Relief on Enterprise Investment Scheme qualifying shares to increase from 20% to 30% from 6 April 2011
• Company car tax will reduce on cars with CO2 emissions of between 95g/km and 220g/km from 2013-14
• Car fuel benefit will increase from 6 April 2011
• Entrepreneur’s relief that is given when you sell a qualifying business increases from £5 million to £10 million from 6 April 2011. The tax rate on the business sale remains at 10%
• Capital Gains Exempt amount increases to £10,600 from 6 April 2011
• The small company Corporation Tax rate reduces to 20% from 1 April 2011. The current rate is 21%
• The main rate of Corporation Tax reduces to 26% from 28% from 1 April 2011
• The main rate of Corporation Tax reduces further to 25% on 1 April 2012
• Accelerated Capital Allowance relief is available on items of equipment that have a useful life of 8 years or less
• Increased tax allowances for Research and Development expenditure from 1 April 2011
• Duty rise of 4p on a pint of beer, 15p on a bottle of wine and 54p on a bottle of spirits to take effect on 28 March 2011
• Duty on tobacco to be increased from 6pm today
• Purchasers of a number of properties at once may pay less Stamp Duty Land tax
• Stamp Duty Land tax avoidance schemes will be legislated against
• VAT Registration limit increased to £73,000 from 1st April 2011. Deregistration limit increased to £71,000
• Non-doms may pay more tax in the future
If you would like to speak to me about these points, or anything else, please get in touch.