Budget 2009
As many of you will be aware, the 2009 Budget was delivered by Alistair Darling on Wednesday 22nd April. There were some changes which will be of special interest to clients of Chelsea Financial Services.
The main change is the increase in the ISA allowance. From October 6th 2009, clients aged 50 or over will have their ISA limit for the 2009/10 tax year increased from £7200 (up to £3600 in cash) to £10,200 (up to £5100 in cash).
This enhanced limit will be made available to all ISA-eligible investors for the 2010/11 tax year, commencing on April 6th 2010.
In respect of Venture Capital Trusts (VCTs) there was a small technical change to the rules which was only of interest to the VCT fund managers but there was no alteration to the investment limit of £200,000 or level of income tax relief which remains at 30% for the 2009/10 tax year.
If you have any questions on these changes, please contact us on 020 7384 7300.
