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%