{"id":424,"date":"2010-06-24T16:25:18","date_gmt":"2010-06-24T14:25:18","guid":{"rendered":"http:\/\/conservatives-paris.org\/cgi-bin\/weblog_basic\/index.php?p=424"},"modified":"2010-06-25T19:24:26","modified_gmt":"2010-06-25T17:24:26","slug":"unavoidable-budget","status":"publish","type":"post","link":"https:\/\/conservatives-paris.org\/blog\/?p=424","title":{"rendered":"Unavoidable Budget"},"content":{"rendered":"<p>George Osborne on 22nd June in his first budget, which he termed ?the unavoidable budget?, split the austerity impact between 77% of spending cuts and 23% tax increases, with the new capital gains tax top rate set at 28% and much less than the 40% or 50% rates feared.<br \/>\nThe budget tax highlights included:<br \/>\n?\tThe standard rate of VAT will rise to 20% from 4th January, 2011 although goods &#038; services currently exempt from VAT or subject to VAT at zero or 5%, will not be affected.<br \/>\n?\tIn 2011\/12 the personal allowance will increase by \u00a31000 but the basic rate limit will be cut at the same time, thus not benefiting higher tax payers.<br \/>\n?\tCapital gains tax will remain at 18% for basic taxpayers but will increase from 23 June, 2010 to 28% for higher and additional rate taxpayers.<br \/>\n?\tEntrepreneur relief will remain at 10% but the lifetime limit will rise to \u00a35 million per person from 23 June, 2010.<br \/>\n?\tTo favour business, the main corporation tax will fall to 27% from 1 April, 2011 and be reduced by 1% per year over the following three years.<br \/>\n?\tFrom 1 April, 2011 the small profits corporation tax rate will be reduced to 20%.<br \/>\n?\tThe annual investment allowance will be cut to \u00a325,000 from April, 2012, with writing down allowances for plant and machinery also reduced.<br \/>\n?\tFrom April 2011, the effective requirement to buy an annuity at age 75 will be scrapped.<br \/>\nFor those of us who participated in the recent study group in anticipation of this budget, it?s interesting to compare the Michael Webster discussion paper (refer to <strong>Pages\/Study Groups\/Budget1<\/strong>) and the subsequent commentary by Michael Barker (refer to <strong>Pages\/Study Groups\/Budget2<\/strong>) in the index column on the right, together with our associated discussion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>George Osborne on 22nd June in his first budget, which he termed ?the unavoidable budget?, split the austerity impact between 77% of spending cuts and 23% tax increases, with the new capital gains tax top rate set at 28% and much less than the 40% or 50% rates feared. The budget tax highlights included: ? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,32],"tags":[],"class_list":["post-424","post","type-post","status-publish","format-standard","hentry","category-study-groups","category-unavoidable-budget"],"_links":{"self":[{"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=424"}],"version-history":[{"count":7,"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/424\/revisions"}],"predecessor-version":[{"id":429,"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=\/wp\/v2\/posts\/424\/revisions\/429"}],"wp:attachment":[{"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/conservatives-paris.org\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}