Brown’s budget 2007
March 21, 2007 by admin
Filed under News, News-Credit-Cards
Gordon Brown has delivered his 11th and, almost certainly, his final Budget as Chancellor of the Exchequer.
Mr Brown, widely expected to become prime minister when Tony Blair steps down later this year, gave an eventful speech in which he announced that the basic rate of income tax would be brought down from 22p to 20p.
Those of you looking to get a mortgage on an environmentally-friendly home will be delighted to hear that Mr Brown has completely removed stamp duty from carbon neutral properties up to a value of £500,000.
People interested in using an Isa to help them with their banking can now invest £3,600 in an account without paying tax on it.
The biggest announcement was to with income tax and is one that is likely to help millions of people as they struggle with debt from credit cards and loans.
Mr Brown has completely scrapped the 10p band of tax, reduced the basic rate band from 22p to 20p and raised the point at which 40 per cent income tax is paid to £43,000 from 2009.
The Budget was not received well by everyone of course, with Sir Menzies Campbell calling it “a budget of missed opportunities” that is “asking the poor to subsidise the rich”.
