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Changes to UK Taxes based on the March 2005 budget

Since the budget brought down in March 2005 has implications for the income tax return you file in 2006, it is important to know if there are any changes that will reduce the amount of tax you have to pay.

The changes to the tax structure announced in this budget include:

  • Stamp Duty threshold is doubled from £60,000 to £120,000.
  • The threshold for the Inheritance Tax is £275,000 for the 2005 tax year. It will increase to £285,000 for 2006 and to £300,000 in 2007.
  • The maximum amount that you can claim as tax free money when you pay into an ISA is £7000.
  • Winter fuel allowance for pensioners in the amount of £200 and local bus travel is free for all pensioners beginning in 2006.
  • Child tax will increase by 13% from 2006 to 2008.

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