The chancellor delivered the UK budget yesterday. As was voiced by the conservative party it was a bland budget designed for an imminent election.
The most shocking change was a hefty tax on strong cider, hardly earth shattering unless you are one of the south western constituents preparing to oppose this hike or perhaps on the current Magners drinking band wagon everyone seemed to be on in the UK last summer.
Of more relevance to my audience is the freezing of the IHT tax limit at £325,000 for the next four years, despite a reported 3% inflation rate, this has obvious detrimental effects to British Domiciled persons.
The other change of note was the alteration of stamp duties, raising duty to 5% on £1m + homes and a temporary abandonment of the duty altogether on homes of less than £250,000 for the next two years. Good news for first time buyers then.
Of course none of this even scratches the surface of the real implications of spending cuts and stealth taxation. Higher earners and businesses being hit hard, companies national insurance contribution going up 1% next year, no changes in personal allowances for any earners despite inflation, higher earners losing personal allowances and facing 50% tax post £150,000 income and higher earners again being hit by pension relief cuts. No wonder there are so many expats.
Read more: http://www.dailymail.co.uk/news/article-1260474/Budget-2010--15bn-tax-raid-didnt-mention.html#ixzz0jAEvnJjm
Wednesday, March 24, 2010
Thursday, March 11, 2010
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