Budget 2009: A point-by-point guide
This afternoon, Chancellor Alistair Darling outlined his plans and expectations for the economy over the next 12 months. Here is a point-by-point guide of the relevant points.
* Stamp Duty ‘holiday' - with no Stamp Duty payable on transactions up to £175,000 - extended until the end of the year.
* Extension of the Support for Mortgage Interest scheme, which covers mortgage interest payments for those who have lost their jobs, for a further six months.
* The major UK banks will increase the availability of mortgages by around £20bn this year.
* Mortgage-backed securities guarantee scheme, based on the recommendations of Sir James Crosby, introduced from today following State Aid approval.
* Further £80bn of funding for HomeBuy Direct shared equity scheme.
* Restriction on pension tax relief for those with incomes in excess of £150,000, gradually tapered to the 20% rate.
* New income tax band of 50% for those earning in excess of £150,000 to come in from next April.
* £500m package to help housebuilders kickstart stalled housing projects.
* A report on the reform of regulation to be published by the Treasury shortly, to improve regulation of capital and liquidity so that banks do not overstretch themselves and strengthen regulators' powers.
* Increase in the ISA limit to £10,200, for the over 50s from this year, and for everyone else next year. Of the new limit, £5,100 can be saved in cash only.
* Stamp Duty ‘holiday' - with no Stamp Duty payable on transactions up to £175,000 - extended until the end of the year.
* Extension of the Support for Mortgage Interest scheme, which covers mortgage interest payments for those who have lost their jobs, for a further six months.
* The major UK banks will increase the availability of mortgages by around £20bn this year.
* Mortgage-backed securities guarantee scheme, based on the recommendations of Sir James Crosby, introduced from today following State Aid approval.
* Further £80bn of funding for HomeBuy Direct shared equity scheme.
* Restriction on pension tax relief for those with incomes in excess of £150,000, gradually tapered to the 20% rate.
* New income tax band of 50% for those earning in excess of £150,000 to come in from next April.
* £500m package to help housebuilders kickstart stalled housing projects.
* A report on the reform of regulation to be published by the Treasury shortly, to improve regulation of capital and liquidity so that banks do not overstretch themselves and strengthen regulators' powers.
* Increase in the ISA limit to £10,200, for the over 50s from this year, and for everyone else next year. Of the new limit, £5,100 can be saved in cash only.
Labels: Budget
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