Emergency Budget: Personal tax summary

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A breakdown of the key personal tax measures in today's Emergency Budget report. Keep your eyes on this page as we'll be updating it throughout the day.

Capital gains tax

  • Higher rate tax payers will pay 28% from midnight on 22 June 2010
  • Low and mid-income savers will continue to pay 18%
  • CGT for entrepreneurs will be extended to the first £5m of lifetime gains
  • The annual exempt amount for capital gains tax will remain at £10,100 for 2010-11

National insurance

  • National insurance rates for employees will increase by 1% in April 2011
  • Employers' NIC will increase by £21 a week above indexation

Personal allowances

  • Personal allowance for under 65s wil...

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NI

And now that they are not going to behave like Mr Brown and announce things like NI rates long after the budget, what are the NI rates and allowances ?

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NI

Detailed summary of NI measures can be found here:

http://www.accountingweb.co.uk/topic/tax/emergency-budget-national-insur...

 

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Furnished Holiday Lets

Am I right in thinking that the previous government's abolition of the tax benefits for FHL have been reversed, so that it will continue to be possible to offset capital expenditure against FHL income?

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