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Budget 2009 announced the introduction of a new top rate of Income Tax, increases in investment limits for ISAs, greater support for young people that are out of work, and a series of low carbon economy measures.
The following changes have been announced which will come into effect from April 2010:
The Budget announced the following changes to pensions:
The overall annual investment limit for ISAs rises to £10,200 of which £5,100 can be saved in cash. These higher limits will be available to over-50s from 6 October 2009 and to everyone from 6 April 2010.
The Stamp Duty land tax threshold on residential properties costing £175,000 or less will be extended until 31 December 2009.
Local Housing Allowance (LHA) is being reformed - households will no longer be able to keep any surplus LHA if it is higher than their rent.
Budget 2009 announced a £600 million fund to kick-start housebuilding, with the aim of delivering an additional 10,000 homes in England over the next two years.
The Government has announced a temporary vehicle scrappage scheme - it offers consumers a £2,000 discount when buying a new vehicle to replace a vehicle more than 10 years old.
Budget 2009 confirmed the fuel duty increase announced in the 2008 Pre-Budget report, and further increases from 2010 to 2013.
Alcohol duty rates increase from 23 April 2009. The duty will increase by 2 per cent, adding one penny to the price of a pint of beer, 13 pence to the price of a bottle of spirits and four pence to the price of a bottle of wine.
Duty on tobacco will increase by 2 per cent from 22 April 2009.
Full details are given in the link below.
The Budget announced that 18 to 24 year olds who have been unemployed for 12 months will be guaranteed a job, training or a work placement.
An extra 54,500 places will be created in the next academic year for 16 and 17 year olds who wish to take them up.
Budget 2009 sets out the Government’s long-term economic goals, including its growth, inflation, borrowing and public spending plans and forecasts.
Budget 2009 provides over £1.4 billion of extra targeted support in the low-carbon sector.
Measures include extra money to support businesses, public buildings and households to be more energy efficient. Measures such as these aim to save around £60 million in energy bills each year.
