{"id":393,"date":"2025-06-27T10:08:41","date_gmt":"2025-06-27T10:08:41","guid":{"rendered":"https:\/\/www.taxpartnersuk.com\/blog\/?p=393"},"modified":"2025-06-27T10:08:41","modified_gmt":"2025-06-27T10:08:41","slug":"uk-june-2010-budget-tax-changes","status":"publish","type":"post","link":"https:\/\/www.taxpartnersuk.com\/blog\/uk-june-2010-budget-tax-changes\/","title":{"rendered":"UK June 2010 Budget &#8211; Tax Changes"},"content":{"rendered":"<p><strong>Corporation tax:<\/strong> Small companies will now pay 20% (instead of the current 21%) from April 2011. Large companies with a taxable profit of more than \u00a31.50 million will pay 28% in the year 2010, 27% in 2011, 26% in 2012, 25% in 2013, and 24% in 2014<br \/>\n<strong>Income tax:<\/strong> Personal allowance for those aged below 65 years has been increased by \u00a31,000 to \u00a37,475 and the 40% tax rate is likely to start above a threshold earning level of \u00a3 42,375. These changes are effective April 2011.<br \/>\n<strong>VAT:<\/strong> The standard rate goes up by 2.50% to 20% from 4 January 2011 whilst the reduced rate (on items like domestic electricity and gas payments, energy saving equipments, children&#8217;s car seats etc) will remain at 5%<br \/>\n<strong>Capital gains tax:<\/strong> This has become less attractive for higher-rate taxpayers (those in the 40% tax bracket and above) who will pay 28% from 23 June 2010 instead of the previous 18%. Entrepreneurs, however, can now pay 10% on capital gains made over their lifetimes on the first \u00a35 million gains they make, rather than \u00a32 million previously.<br \/>\n<strong>National Insurance:<\/strong> From April 2011 the threshold level at which employers pay National Insurance will rise by \u00a321 a week, lowering the cost of employing people earning less than \u00a320,000. Persons who set up a new business outside London, the south-east and the eastern regions will be exempt from up to \u00a35,000 of employer national insurance for each of their first 10 employees hired.<br \/>\n<strong>Bank tax:<\/strong> Effective 01 January 2011 banks and building societies will be taxed, at 0.04% to start with, on the size of their balance sheets. The more savings they have, the less tax they pay.<br \/>\nTax relief for the video games industry is being scrapped.<\/p>\n<p><strong>Taxation of non-domiciled individuals:<\/strong> The Chancellor has announced that the Government will review the taxation of non-domiciled individuals.<\/p>\n<p>Watch this space for more updates in the days to come!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Corporation tax: Small companies will now pay 20% (instead of the current 21%) from April 2011. Large companies with a taxable profit of more than \u00a31.50 million will pay 28% in the year 2010, 27% in 2011, 26% in 2012, 25% in 2013, and 24% in 2014 Income tax: Personal allowance for those aged below [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[],"class_list":["post-393","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK June 2010 Budget - Tax Changes - Beyond Compliance: Technical &amp; Advisory Insights<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.taxpartnersuk.com\/blog\/uk-june-2010-budget-tax-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK June 2010 Budget - Tax Changes - Beyond Compliance: Technical &amp; Advisory Insights\" \/>\n<meta property=\"og:description\" content=\"Corporation tax: Small companies will now pay 20% (instead of the current 21%) from April 2011. 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