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Gordon Brown's Budget 2007 - Basic Rate Income Tax cut to 20p!

Personal_Finance / UK Tax & Budget Mar 21, 2007 - 12:45 PM GMT

By: Sarah_Jones

Personal_Finance

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 08)
  • 10% Tax Band abolished - Will mean low earners pay more tax.
  • NI upper limit raised £37,440 (April 08) - 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 08)
  • 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

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