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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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 Posted: Wed Mar 21, 2007 5:48 pm Post subject: Gordon Brown's Budget 2007 -Basic Rate Income Tax cut to 20p |
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Gordon Brown delivered his 11th and final budget, these are the key highlights
Personal Taxation & Allowances
Basic Rate Income Tax cut from 22p to 20p (April 0
10% TAx Band abolished - Will mean low earners pay more tax.
NI upper limit raised £37,440 (April 0 - A large tax rise for middle class.
40% Tax band threshold raised from £38,000 to £43,000 (April 09).
Further £1 billion to be spent on working tax credits.
Pensioners - Guarantee to rise to £130 per week by 2010.
Pensioners - TAx free allowance for under 75's to rise to £9,770 by 2011. And £10,000 for over 75's
Child Benefit to rise from £17.45 to £20 by 2010.
Childcare cash back will rise from 70% to 80%.
Savers & Investors
Cash ISA Allowance raised from £3000 to £3,600, with the total ISA allowance rising from £7000 to £7,200. Market Oracle has earlier anticipated a rise in the allowances.
Capital Gains Tax Allowance raised from £8,800 to £9,200
Inheritance threshold to be raised from £285,000 to £350,000 by 2010.
Companies
Main Corporation Tax cut from 30% to 28%
Small companies hit by tax rises - In April 07, rise from 19% to 20%, From April 2008 to 21% and from April 09 to 22%
Green
Excise duty on polluting cars to be raised to £400 (April 0
Least polluting cars duty cut to £35.
Petrol duty will rise by 2p .
Zero carbon homes valued upto £500,000 will pay no stamp duty
Duties
From midnight Sunday, Bear up 1p a pint, and wine 5p.a bottle.
Cigarettes up 11p per pack of 20, from 6pm today..
Public Spending
NHS spending to rise by £8bn more next year.
Education spending to rise from £60 billion a year to £70 billion a year by 2010.
By Sarah Jones
Copyright © MarketOracle.co.uk 2007
The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We aim to cut through the noise cluttering traditional sources of market analysis and get to the key points of where the markets are at and where they are expected to move to next ! http://www.marketoracle.co.uk
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