The key points from the 2010 UK Emergency Budget.

1. UK BUDGET 2010
The key points

2. VAT to go up to 20pc from 17.5pc
Photo Source - Flickr Courtesy of HM Treasury

3. Capital gains tax for higher-rate taxpayers rises to 28pc
Photo Source - Flickr Courtesy of alancleaver_2000

4. Child benefit to be frozen for next three years
Photo Source - Flickr Courtesy of seema k k

5. Two-year pay freeze for public sector workers
Photo Source - Flickr Courtesy of stephendepolo

6. Basic state pension linked to earnings once
again, from April next year
Photo Source - Flickr Courtesy of lamazone

7. No new tax increases on alcohol, tobacco or fuel
Photo Source - Flickr Courtesy of dsevilla

8. BUSINESS
- Corporation tax cut to 27pc next year
- Corporation tax cut by 1pc point a year for next three years to 24pc
- Small companies tax rate cut to 20pc
- Tax relief for video games industry scrapped
- UK bank and building society levy from 2011
- Levy also on UK operations of foreign banks
- Smaller banks not liable for a levy
- Banks levy expected to raise more than £2bn a year
- 10pc CGT rate for entrepreneurs extended to first £5m of qualifying gains
Photo Source - Flickr Courtesy of thinkpanama

9. OTHER POINTS
2011 high earner pension tax rules under review
• Pensions - requirement to purchase an annuity deferred from age 75 to age 77
• State Pension age increase to 66 to be brought forward
• Default retirement age of 65 to go
• Anti-avoidance: use of trusts and other vehicles
• U-turn on corresponding deficiency relief changes
• Disclosure of tax avoidance schemes
• Taxation of non-domiciled individuals
• Settlor interested trusts and reclaiming income tax
• ISA limits to be increased by RPI

10. FOR MORE INFORMATIONS AND TO DISCOVER HOW TO PLAN
YOUR FINANCES TO REDUCE YOUR TAX CONTACT US TODAY
info@northfinancial.com