News
Emergency Budget 2010
08/07/2010
The recently-announced Emergency Budget includes the biggest package of tax increases and spending cuts in a generation - so how will it affect your personal financial well-being?
Last month, the new coalition Government unveiled an Emergency Budget that proposes significant changes to Capital Gains Tax.
Although Chancellor George Osbourne’s self-proclaimed ’tough but fair’ Budget included tax cuts for many people, no one’s personal finances will avoid feeling the pinch from the range of other announcements aimed at tackling the UK’s considerable Budget deficit.
If you have taxable income and capital gains over £37,400 per year, you will now pay Capital Gains Tax at 28% instead of 18%. A VAT rise from 17.5% to 20% in the New Year will mean all items become more expensive to purchase. So that’s more tax to pay on what you receive, and more tax to pay on what you buy.
But what the Emergency Budget does provide you with is time. By taking a proactive approach to planning how you can make more of your money now, you can prepare yourself for facing the full effects of the Budget without acquring the full effects on your bank balance. Financial Planning can also help to ensure longer-term goals - such as paying for a loved one’s wedding or education in a few years time or planning for retirement.
To find out more about any of
the services we’ve mentioned
simply:
- Contact your SFS Financial Adviser
- Call a member of our Client
Help Line on 0800 137 832 - Visit your local Skipton
Building Society branch to
arrange an appointment with
an SFS Adviser
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