Instead of raising VAT, the Chancellor chose to increase National Insurance
contributions (NIC) by 0.5% effective 2011 – but only for people earning over
£20,000 a year.
Darling also froze the inheritance tax allowance at £325,000.
To fund the extension of the UK’s broadband network, he imposed a 50p per
month tax on landline telephone connections.
He also announced employer pensions contributions will now to be included in
pensions tax relief.
Finally, the Chancellor imposed a 50% one-off “supertax” on all bonuses over
£25,000 awarded to workers in the banking sector.
The Chancellor deferred an increase in corporation tax for small businesses.
He also extended empty property relief on commercial properties with a rateable
value below £18,000 for another year.
In addition, Darling exempted electric vehicles from company car tax for five
years. And businesses buying plug-in vans will be able to write off their full
cost against corporation tax.
Lastly, he imposed a new 10% corporation tax on income from biotechnology and
pharmaceutical patents in the UK.
Pensions & benefits
The basic state pension will rise by 2.5% in April 2010, or 4% in real terms.
Inflation-linked benefits and tax credits, including child benefit and
working tax credit, will rise by 1.5%.
** Additional Information & Advice **
You can obtain further information about tax and benefit rules on FindLaw.
Depending on your circumstances, however, you may want to speak with a solicitor. You can be matched with a solicitor
for free via solicitor matching services, which can also help you
to understand the best course of action for your situation and whether you are
ready to hire a solicitor.
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