2010 Budget Key Points

24 March, 2010

Some of the key points from the 2010 Budget are as follows:

Taxes

345,000 businesses will pay no rates, as rates are cut for one year as from October
Bank bonuses tax raised £2bn in 2009-10, twice as much as forecast
Internationally coordinated and systematic tax on banks is needed
Stamp duty allowance doubles from £125,000 to £250,000, funded by 5% stamp duty for properties worth more than £1m
Tax amnesties agreements with Dominica, Grenada and Belize
Inheritance tax threshold frozen for 4 years

Investment allowance doubled to £100,000
New growth capital fund to provide capital
£94bn in new business loans to be provided by RBS and Lloyds with nearly half to SMEs over next year
A new credit adjudicator will fast-track complaints from smaller firms
A 15% increase in the number of central government contracts going to SMEs

Civil servants to be reduced by one third - 15,000 jobs to be relocated outside of London with 5 years
A growth package of £2.5bn to be paid for by switching spending in some areas
Public-pay settlements to be held at a maximum of 1% over 2 years as from 2011
Under-24s unemployed for longer than 6 months will be offered work or training over the next 2 years
An extension of tax credits for older workers
Over-65s length of time worked to receive credits reduced

Cider duty will increase by 10%. Duty increase on beer, wine and spirits as planned
Tobacco duty will rise by 1% above inflation this year, then 2% per annum thereafter
Fuel duty to rise by 1p in April, followed by a further 1p rise in October and the remainder in January

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