Did the March 2010 Budget work for you?

Although many would argue that the budget today was a piece of pure electioneering, there were a few important points in the detail that will make a difference to many individuals and businesses. As they say, the ‘devil is in the detail’ and some of this detail will become clear in the next few days. In the meantime, I have detailed below some of the headline points that may get you thinking about your financial planning over the spring and summer months.

In no order or preference of importance:

• Extended business lending for Small to Medium Sized enterprises (SME’s).
• Business rate reductions for SME’s from October.
• Bank accounts for all citizens to counter the increase in charging for banking services.
• No change to income/Capital Gains Tax (18%) rates.
• Inflation linking of ISA limits.
• Exemption rates for Inheritance Tax (IHT) fixed for 4 years.
• Exemption of  Stamp Duty for first time buyers (FTB’s)  up to £250,000 for this and next year.
• Increase in the Child Tax Credit from 2012.

There are many other changes and I have not been able to cover all of the points here. Remember also that poposals from previous budgets come into force from April 2010, increasing tax for those earning over £150,000 per annum to 50% and for those earning over £100,000, a reduction in their annual personal allowance. Also, the minimum retirement age for pension benefits is increasing to 55 from 06th April.

This raises the question of wether any of these changes will come into effect if we have a change of government. Many are talking of a hung parliament and May/June will be an interesting time. It could then be all change again at that stage.

If you would like to consider the impact of the budget on your business or personal finances then contact Keith Churchouse at Churchouse Financial Planning Limited on 01483 578800 or info@churchouse.com.

Churchouse Financial Planning Limited is Authorised and Regulated by the Financial Services Authority.

Churchouse is a  Registered Trademark of Churchouse Financial Planning Limited.

Blog Archive

• July 2010
• June 2010
• May 2010
• April 2010
• March 2010
• February 2010
• January 2010
• December 2009
• November 2009
• October 2009
• September 2009
• August 2009
• July 2009
• June 2009
• April 2009
• March 2009
• February 2009
• January 2009