As part of the 2009 budget, and somewhat out of the public gaze, the chancellor announced that he will be repealing the Furnished Holiday Let rules from April 2010. For a property which met the letting conditions, furnished holiday lets have benefitted from a number of reliefs not normally available to the owners of let…
Income Tax As part of the government’s aim to raise the personal income tax allowance to £10,000 over the next five years, the personal allowance is to be increased by £1,000 to £7,475 from 6th April 2011. To avoid higher rate earners benefiting from the increase in personal allowances, the higher rate tax threshold will…
A number of measures were introduced by the previous government to increase the tax burden on so-called high earning persons: A new higher rate of tax applies to taxable income above £150,000 as of the 6th April 2010. The new higher rate of tax will be 50%, with the dividend rate increasing to 42.5% for…
The budget made by the previous Chancellor, Alistair Darling, had the feel of a pre-election budget, but this was not because of any enormous give-aways. Sure, there were some political lollipops handed out to the faithful, but what really made it feel “pre-election” was the absence of the tax rises which have been widely expected….
