Posts Tagged ‘Duty’

The main points of the Budget as announced are as follows:

ECONOMY

• The economy is expected to grow between at 1 and 1.5% in 2010
• Growth forecast for 2011 revised to between 3% and 3.5%
• VAT, income tax or National Insurance to remain at present rates
• Borrowing will be £167bn this year - £11bn lower than the forecast of £178b
• Debt will be £100bn lower by 2013/14 than predicted at last year’s Budget
• One third of civil service jobs to be located away from London 

TAX:

• Stamp Duty threshold will be raised to £250,000 - nine out of ten first-time buyers will not be liable for Stamp Duty
• Stamp Duty on homes worth £1m increased to 5%
• The planned 3p increase in fuel duty will be phased - up by 1p in April, 1p in October and 1p in January 2011
• Alcohol duty will rise by 2% above inflation by 2013
• Duty on cider will go up by 10% above inflation from Sunday
• Duty on tobacco will increase by 1% above inflation immediately, then 2% in subsequent years
• Inheritance tax will be frozen for four years
• Tax agreements extended to three additional countries - Dominica, Grenada and Belize, to target tax evasion

PENSIONERS:

• The Government will consider scrapping the compulsory retirement age
• Pensioners’ higher winter fuel payment will continue next yea

BANKS:

• Everyone in the UK is to be guaranteed access to a bank account
• The Royal Bank of Scotland and Lloyds will lend £94bn to business - at least half to small and medium-sized firms.
• The Government will set up a Green Bank controlling £2bn of equity to focus on investing in greener, cleaner energy and transport

BUSINESS:

• Business rates will be cut for a year from October bringing a tax reduction for 500,000 small firms in England
• £2.5bn support for small business to boost skills and innovation
• Investment allowance for small firms doubled to £100,000
• £385m will be invested to maintain road network

FAMILIES:

• Families with one and two-year-olds will receive an extra £4 a week in child tax credits

More reaction to follow.