Budget 2010

Date Added: 23 March 2010

The date for this year's Budget has finally been announced. It will take place at 12.30pm on Wednesday 24 March 2010. We will be updating our website throughout the day of the Budget as the impact of the changes announced becomes clear. Please feel free to sign up to our RSS feed for updates as we post them.

Corporation Tax

Date Added: 24 March 2010

No changes have been announced to the headline rates of Corporation Tax for the coming tax year; the full rate remains at 28% and the small companies' rate at 21%. There was no mention of when, or even if, the previously deferred increase in the small companies rate (to 22%) will now occur.

Stamp Duty Land Tax (SDLT)

Date Added: 24 March 2010

There was some good news for the bottom end of the housing market as it was announced that there will be two years of relief from SDLT for first time buyers on properties up to £250,000. This takes effect from 25 March 2010.

At the other end of the market, the rate will be increased to 5% for residential properties valued at more than £1m. However, the change will not be introduced until 2011-12.

Capital Allowances

Date Added: 24 March 2010

In another surprise move, the Chancellor announced that the Annual Investment Allowance (AIA) will increase from £50,000 to £100,000 from April 2010. AIA provides a 100% allowance for qualifying expenditure on plant and machinery made by companies, partnerships (consisting of only individuals) and individuals carrying on qualifying activities.