UK 2010 Budget – A Summary

The Conservative led UK government announced an emergency budget today. The main points in the 2010 UK Budget are;

VAT to go up to 20% from 17.5%  – which will be good news for Irish businesses.

UK Capital gains tax for higher-rate taxpayers rises to 28%

Child benefit to be frozen for next three years

Two-year pay freeze for public sector workers

Tax credits reduced for families earning more than £40,000 and the Child element of child tax credit increased by £150 above inflation.

Housing benefit restricted to maximum £400 a week

Corporation tax cut to 27% in 2011  and then cut by 1%  a year for next three years to 24%