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  Solicitors Bude Cornwall   Budget Update 2009 from Paul Finn - 22 Apr 2009 Holsworthy Solicitors


In relation to property the Stamp Duty ‘holiday’ of 0% on homes under £175,000 has been extended until the end of 2009.
  We are also told that additional funds have been allocated to creating mortgages but it remains to be seen how this will benefit the average person wishing to buy or remortgage property. Any improvement will be welcome!

The individual annual exemption for capital gains tax purposes for the tax year 2009/2010 is £10,100.

The individual inheritance tax nil rate band is increased to £325,000 for the 2009/2010 Tax year over which amount inheritance tax is charged at 40% on the rest of the estate transferred. The estates of widows and widowers also have the additional allowance of the unused proportion of their deceased spouse’s nil rate band which is claimed on the “second death”. For businesses there is (for 2 years) the ability to carry back losses of up to £50,000 (subject to detailed rules) against profits of the previous three years.

Capital expenditure on certain plant and equipment up to £50,000 can be written off against taxable profits and for one year 40% of any such expenditure over £50,000 can be written off. Unfortunately the standard rate of VAT will increase to 17.5% on 1st January 2010.

At Paul Finn Solicitors we have Lawyers who specialise in all property and capital tax matters referred to in this article so please contact us if you have any property, business, wills, trust, probate or estate planning matters to discuss or documents to prepare.

Paul Finn
Director, Paul Finn Solicitors
Tel: 01288 356 256
Email: FinnP@FinnLaw.co.uk
 
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