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happy New Year!

8 April 2011

So, 6th April has been and gone, and another tax year has begun. You will have seen numerous recent announcements in the press about proposed changes to tax rules/rates but many of them have now actually come into force. How are you affected? Can you actually tell?!

On the one hand, the amount of tax-free income you can earn has gone up, the annual capital gains allowance has increased, the entrepreneurs’ relief limit has doubled and you can invest more in your ISA. On the other hand, the higher rate income tax threshold has been reduced, NICs have increased, SDLT is now 5% on £1m+ residential property, the IHT threshold has been frozen and pension tax relief has been restricted, and that’s to name but a few of the changes. Some people will win out overall, but I fear that there will be many more that end up worse off instead.

Happy New Year!

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