The following notes should be read in context of the last Spring Budget presented by Alistair Darling. The current year tax changes are actually very few indeed. It is mainly in-year spending reductions he is trying for as a way of nailing his colours to the mast early on.
Also bear in mind we have TWO more budgets before 11/12 tax year starts so it’s anyone’s’ guess really what the rates will be when reality happens.
EXECUTIVE SUMMARY OF CHANGES THIS TAX YEAR
• VAT up to 20% 4/1/11
• IPT up 1%/2½% 4/1/11
• CGT 28% rate for higher rate tax-payers 22/6/10
• Bank Levy 0.04% of balance sheet if you are over £20bn 1/1/11
• Cider Duty increase cancelled “from 30.6.10”
• Landline Duty abolished before it started
• And there were some current year spending reductions announced a few days ago