UK Budget info

[Guest Chelseadownunder]

I hope you find this summary helpfull in regards the UK Budget

We await the Australian Budget.

 

In summary:

 

 

 

Top income tax rate increased to 50% from April 2010

• Applies to those earnings £150,000 or over
  
• 42.5% rate on dividends
  
• Highest rates also apply to trusts
  
• Personal allowance reduced or eliminated for those earning over £100,000
  

ISA limit increased to £10,200 a year

• From 6 October 2009 for over-50s
  
• From 6 April 2010 for everyone else
  
• Cash element increased to £5,100
  

Pensions tax relief restricted for those earning over £150,000

• Basic rate relief only from April 2010 for those earnings £180,000 or over
  
• Tapered rate of relief for those earning £150,000-£180,000
  
• Immediate special annual allowance of £20,000 for those earning £150,000 and over