close menu

UK Chancellor Alistair Darling’s 2010 Budget Speech

by 1st Contact | Mar 24, 2010
  • The Budget Speech today delivered a ‘business as usual’ message for contractors in the UK. Contractors can breathe easy with no major changes from 1 April.
    Accounting

    Budget points for contractors:

    • Personal Allowance unchanged at £6,475
    • National Insurance rates unchanged at 11% and 12.8%
    • Corporation Tax unchanged at 21%
    • Capital Gains tax unchanged at 18%
    • VAT remains unchanged at 17.5%
    • VAT threshold increased from £68,000 to £70,000 from 1 April

    The Budget 2010 also confirms:

    • A 2 year stamp duty relief for property purchases up to £250,000 for first time buyers
    • Doubling of the Annual Investment Allowance to £100,000 giving 100% relief
    • Entrepreneurial relief lifetime limit increased to £2m
    • Inheritance tax threshold of £325,000 frozen until 2014
    • Beer, wine and spirits duty up by 2%
    • A 1 per cent increase in national insurance contributions (NICs) rates from April 2011, alongside adjustments to the NICs primary threshold to protect those on low incomes
    • A 50 per cent additional rate of tax on those with incomes above £150,000 and the gradual withdrawal of the personal allowance from those with incomes above £100,000 from April 2010
    • New 42.5% dividend tax rate on income over £150,000
    • Freezing the point at which individuals start to pay the higher rate of tax in 2012-13
    • Restricting pensions tax relief from April 2011 for individuals with gross incomes of £150,000 and over (where gross income incorporates all pension contributions, including benefits provided by an employer). This restriction is subject to an income floor, so that individuals with pre-tax incomes (excluding employer pension contributions) of less than £130,000 will be unaffected
    • A freeze in the inheritance tax (IHT) allowance of £325,000 in 2010-11

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

    • female-entrepreneur hot air balloon
      Why we need more women-owned businesses
      Jul 16, 2019  |  by Scott Brown
    • crowdfunding lightbulb
      7 ways to finance your small business
      Jul 16, 2019  |  by Scott Brown
    • Businessman looking to the future
      How to get your business ready for the future
      Jun 19, 2019  |  by Scott Brown
    • Guide to UK PAYE tax forms
      A guide to UK PAYE tax forms P45, P60 and P11D
      Jun 14, 2019  |  by Kobus Van den Bergh
    • Cut-taxes
      The 2019/20 tax year changes: What they mean for you
      Jun 10, 2019  |  by Scott Brown
    • confused
      Do you need to complete a Self Assessment tax return?
      May 29, 2019  |  by Kobus Van den Bergh
    • Tax refund money
      11 excellent ways to spend your UK tax refund
      Apr 09, 2019  |  by Kobus Van den Bergh
    • London-business
      The UK still the best country for business in 2019
      Apr 04, 2019  |  by Scott Brown
    • Contractor choosing door
      Contractor insurance: Choosing the right cover for your risks
      Mar 12, 2019  |  by Kobus Van den Bergh
    • Making Tax Digital for VAT
      Making Tax Digital for VAT deadline: What you need to know before April 2019
      Feb 18, 2019  |  by Scott Brown
     
     

    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8843

    United Kingdom

    Croydon

    One Croydon
    12-16 Addiscombe Road
    Croydon CR0 0XT +44 (0) 20 7759 7514

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services Licence issued by ASIC to deal in foreign exchange (1st Contact Group - AFS Licence number 335 126).

    We use cookies to provide the best website experience for you. Using this website means that you agree to this. How we use cookies.