Tax

A full list of budget tax tables following Mr Darling’s pre-election Budget. Some of the most significant features for business and individual tax payers include: 

• The new £100,000 annual investment allowance.
• Increased contribution limits for ISAs.
• Restriction of higher rate relief for certain pension contributions.
• The doubling of capital gains tax entrepreneurs’ relief to £2 million.
• The increase in the stamp duty land tax threshold to £250,000 for first time buyers.

This bulletin looks at the most important changes announced by the Chancellor which will affect businesses and individuals. Many of the changes were announced in the Chancellor’s Pre-Budget statement last autumn. Here we are concentrating on what is new and particularly on those changes which may affect clients adversely if action is not taken promptly.