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The latest Budget News

Chancellor George Osborne's June 2010 Emergency Budget

"Everyone will suffer", says Chancellor George Osbourne in his budget speech.

The Emergency Budget 2010

22nd June 2010

budget costs VAT - rises from 17.5pc up to 20pc - from January 4th 2011
Food,children’s clothing, newspapers and printed books remain vat free.

Income Tax - Personal income tax allowance increased by £1,000 to £7,475 in April 2011
Higher rate income tax rate remains unchanged until 2013/14

National Insurance - the threshold rises by £21 next year

Capital gains tax (CGT) - remains at 18pc for basic-rate taxpayers
Rises to 28pc for higher-rate taxpayers - from midnight
CGT exempt amount stays at £10,100 this year

Corporation tax - cut by 1pc point a year for next three years to 24pc
Small companies tax - rate cut to 20pc

Entrepreneurs - anyone starting a new business outside London, the S. E. and the east of England will be exempt from £5,000 of National Insurance contributions for the first 10 employees

Benefits:
Child benefit - frozen for next 3 years
Housing benefit - limited to maximum £400 a week
Disability Living Allowance - medical assessment for new and existing claimants - from 2013

Tax credits - reduced for those earning more than £40,000

OAPs :
Basic state pension - to be linked to earnings - from April 2011
Pensions will rise at least by 2.5pc - in line with earnings or prices, whichever is the greatest
The state pension age is to be raised to 66 years

Alcohol and Tobacco - no new increases on alcohol, tobacco - the planned increase in cider duty scrapped from end of June

Fuel Duty - no new increases - fuel duty is frozen

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