The inheritance tax nil rate band will remain at £325,000 for 2010/11, instead of rising to £350,000 as legislated for in the Finance Act 2007.
Anti-avoidance measures were announced that are aimed at certain trust-based schemes which were designed to reduce or eliminate the value on which IHT is charged on transfers. The measures apply from 9 December 2009.
Stamp duty land tax (SDLT)
The Government has confirmed the ending on 31 December 2009 of the temporary increase to £175,000 of the zero rate threshold for residential property.
The Disclosure of Tax Avoidance Schemes provisions will be extended to certain SDLT avoidance schemes that concern residential property with a value of at least £1 million.
Stamp duty and stamp duty reserve tax
From 1 October 2009, transfers of securities to a non-EU clearance service or depositary receipt issuer will no longer be exempt from stamp duty or stamp duty reserve tax if they form part of a scheme to avoid the 1.5% stamp tax charges.
Climate change levy
Climate change agreements give facilities in energy-intensive sectors an entitlement to pay a reduced rate of climate change levy. This reduced rate is to be increased from 20% to 35% of the full rate from 1 April 2011.
Business rates
Empty properties with a rateable value of up to £18,000 will continue to be exempt from business rates for 2010/11. Previously the limit was £15,000.
Support for internships
The Government will contribute £8 million towards a new financial support scheme for around 10,000 undergraduates a year undertaking short unpaid internships, from summer 2010, in professions with historically low access for such people.
© 9 December 2009. This summary is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking action on the basis of the contents of this summary. The summary represents our understanding of the law and HM Revenue and Customs practice as at 9 December 2009, which are subject to change. These proposals may be changed in the Spring 2010 Budget and subsequent legislation, or at any time.
The Financial Conduct Authority (FCA) does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme.
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