Summer Newsletter - BUDGET UPDATE
The following changes affecting you announced in the recent budget took effect from 6 April 2007:
Inheritance tax:
Nil rate band threshold: £300,000.00
Capital Gains Tax:
Annual exemption for individuals: £9,200.00
Annual exemption for trustees of a settlement: £4,600.00
Income tax:
Cut from 22% to 20%
Corporation tax:
Cut from 30% to 28% but rising from 20% to 22% for small businesses from 2008/09
Miscellaneous:
Increase in research and development tax credit
New Annual Investment Allowance of £50,000
Inheritance threshold rising to £350,000 in 2010