The Chancellor, Alistair Darling, delivered his Pre-Budget Report earlier this afternoon.
Key tax announcements include:
- 'Time to Pay' Tax scheme extended for 'as long as needed'
- Planned increase in corporation tax for small companies deferred
- One-off 'super tax' of 50% on discretionary bonuses of £25,000 or more
- Inheritance tax nil rate band frozen at £325,000 until 2011
- Further modifications to proposed changes to tax relief on pension contributions
- A further 0.5% increase to National Insurance Contributions from April 2011
- Confirmation of return to 17.5% for VAT rate from January 2010
- Confirmation that Stamp Duty Land Tax holiday will end as planned on 31st December 2009
- Capital Gains Tax rate unchanged
Our more detailed analysis of today’s announcements will be available on our website later this evening, on our main Pre-Budget Report 2009 page.
For more information please contact Chris Maddock, Head of Private Client Tax. Alternatively, please complete and submit the online form below.