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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

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We aim to cut through the noise cluttering traditional sources of market analysis and get to the key points of where the markets are at and where they are expected to move to next ! http://www.marketoracle.co.uk

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