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Budget 2010 : Karen Barrett Chief Executive of unbiased.co.uk comments on the Budget announcement

Increase of the Stamp Duty threshold to £250,000 for first time buyers:

 “It was announced in today’s Budget that the Government is increasing the Stamp Duty threshold to £250,000 for first time buyers.  Our research reveals that 42% of all people searching for a whole of market mortgage adviser on unbiased.co.uk last month were first time buyers, which has remained the number one advice driver since the start of 2010.  After today’s increase to the Stamp Duty threshold we expect to see a further increase in number of first time buyers being able to get on the property ladder.

“After a year of economic turbulence, consumers are more aware than ever of the importance of being financially educated.  First time buyers in particular need to ensure they understand the added costs involved in the house purchase process.  A whole of market mortgage adviser can make sure first time buyers are guided through the mortgage process and aware of all the costs involved, including Stamp Duty.”

Freezing of income tax bands:

 “It was announced in today’s Budget that the Government is freezing all income tax bands, forcing many people to pay more tax on their earnings.  This ‘stealth tax’ is far greater than those previously attempted, with personal allowances last frozen over a decade ago.  This ‘stealth tax’ follows the new 50p higher rate of income tax which is set to come into force next month for those earning more than £150,000.  It is clear that consumers are going to be hard hit by these moves, but everyone needs to take action to ensure they are not giving more than they should to the taxman.  Our research shows that a massive £328m is already being wasted through a combination of consumers failing to complete HMRC forms, and married couples failing to move income between themselves to the lower rate or non-tax paying partner.”

Freezing of inheritance tax for a further four years:

 “It was announced in today’s Budget that the Government is freezing inheritance tax for a further four years.  UK taxpayers are already set to waste £1.9billion through poor inheritance tax planning this year, and this wastage is only set to increase as estates rise in value meaning more and more are over the nil rate threshold of £325,000.”

Pensioners will not pay tax on the first £10,000 of their income:

“Over the last the last three years retirement planning has been the biggest driver for those seeking expert advice from an independent financial adviser. Last month alone, over a third (39%) of people searching for a local IFA on unbiased.co.uk were looking for help with their retirement planning and we expect this demand to continue following today’s announcement.”

ENDS

For further information on Unbiased.co.uk, the professional advice website pleases contact:

Sign up to Unbiased.co.uk’s unique Professional Connections service, allowing IFAs, mortgage brokers and solicitors to find and link up with other professional advisers across the UK to expand their current business network.

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Notes to Editors

Unbiased.co.uk, the professional advice website

Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs.  In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice. 

The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service.  These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options. 

IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer. 

Unbiased.co.uk’s product provider sponsors

Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606