Emergency Budget 2010 - Newsflash

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In This Issue:

The following is a summary of key measures of the Emergency Budget announced by the Chancellor of the Exchequer on 22nd June 2010, with particular emphasis on those proposals affecting business taxation.

PERSONAL TAXATION; BUSINESS TAXATION; ANTI-AVOIDANCE RULES; REAL ESTATE; VAT; and HMRC – POWERS, DETERRENTS AND SAFEGUARDS AND TAX

ADMINISTRATION.

1. PERSONAL TAXATION

Income Tax and National Insurance

The following measures will be introduced with effect from 6 April 2011:

The personal allowance for those aged under 65 will be increased by £1,000 to £7,475.

However, the basic rate income tax limit will be reduced to prevent higher rate taxpayers benefiting from the increased personal allowance. The exact figure will be confirmed when the Retail Price Index for September 2010 is known.

Please see full newsflash below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

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