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Home  »News  »Finance News

Budget 'better than expected'

23/06/2010

The emergency Budget was better than expected, according to chartered financial planners Informed Choice. Chancellor George Osborne unveiled his first Budget yesterday (June 22nd), which included plans to increase the rate of VAT from 17.5 to 20 per cent. The threshold for income tax payments will increase by £1,000, to £7,475, beginning April 2011, Mr Osborne also announced. Some 23 million people are expected to benefit, with 880,000 taxpayers removed from income tax payments entirely. Martin Bamford, chartered financial planner and managing director at Informed Choice, said: "This was a better than expected Budget, unless you are a public sector employee or on benefits." Mr Osborne also unveiled a number of measures to help businesses including changes to corporation tax. "For investors and business owners, the measures announced were mainly better than expected. We feared bigger increases to capital gains tax and also these increases being backdated to the start of the tax year," Mr Bamford said. Get a free equity release guide and see how you can get some additional income. Posted by Jez Walters

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