STATES Members sped through the Budget in record time yesterday – approving plans for £650m in taxes and charges next year in around five hours.

Only one amendment was passed to Treasury Minister Terry Le Sueur’s tax plans for 2009 – Deputy James Reed successfully changed the rules to extend tax allowances for parents of university students to cover every year they spend at university.

The main points of the Budget included a 5% increase in income tax thresholds, a further year of the ‘20% means 20%’ package to cut tax allowances, reductions in stamp duty for first-time buyers and the usual duty rises on alcohol and tobacco, while fuel duty is being frozen. In his Budget speech, Senator Le Sueur said that he hoped that his successor would conduct a general review of stamp duty next year. He also said that there would be a review of the duty exemption on marine fuel.

Under the proposals approved yesterday, stamp duty will be removed for first-time buyers on properties worth up to £300,000, and a discounted rate will apply on properties up to £400,000. The Budget also set duty increases of 1p on a pint of beer, 49p on a litre of spirits, 6p on a bottle of wine and 18p on a packet of cigarettes.