Please find our Budget review article below covering the key tax issues in George Osborne’s first Budget. The June Budget which was called ‘the unavoidable Budget’ and ‘the emergency Budget’, contained a number of very important announcements about tax.
- The increase in the rate of VAT from 17.5% to 20% to take effect in the New Year.
- The increase in the personal allowance in the tax year 2011/12.
- The immediate increase in capital gains tax for higher rate income tax payers from 18% to 28%.
- The rise in entrepreneurs’ relief for capital gains tax from £2 million to £5 million.
- The progressive cuts in corporation tax over the next four years, financed by cuts to capital allowances.
Please read our full article here and if any of the areas covered by it seem likely to have an impact on your tax and financial planning, please do not hesitate to contact us.
Martin & Liz
Read more about TaxAssist Accountants on our feature in the Accountants section here