Key Points from the Budget 2010

Chancellor Alistair Darling’s 2010 Budget Report

Today Chancellor Alistair Darling delivered the new budget plans, ahead of the nearing election; key points include:

Housing

Stamp duty scrapped for homes below £250,000 for first time buyers, compensated by a 5% increased stamp duty on residential property sales over £1m from April 2011

Taxes

No changes to VAT or income tax planned
Inheritance tax threshold frozen for four years
Crack down on tax avoidance is expected to raise £500m
£4 rise in child tax credit for parents with young children from 2012

Fuel, cigarettes and alcohol

Tobacco duty up by 1% from Sunday and by 2% each year until 2014
Wine, beer and spirit duties to rise by 2% from midnight on Sunday
Cider duty to rise by 10% above inflation on ‘super-strength ciders’ from midnight on Sunday
3p fuel duty increase will be staged; it will rise by 1p in April, a further 1p in October followed by a further 1p rise in January next year.

Economy

Darling predicted a growth of 1% to 1.25% in 2010, in line with previous forecasts
Borrowing this year is forecast to be £167bn – £11bn lower than predicted in December

The chancellor notably held back from initiating significant spending cuts in this year’s budget, insisting that the economy remained too ‘weak’ and ‘fragile’ to begin the process.

Payplan

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Written by on March 26th, 2010

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