Quarterly News

Introduction

Alistair Darling presented his second Budget on Wednesday 22 April 2009. Having acknowledged the depth of the recession, he hinted that the Budget measures would enable the UK economy to begin to grow 'by the end of the year'.

Our round up highlights the key budget headlines likely to affect you and your business.

• From 6 April 2010 there will be a 50% top rate of tax for those with taxable income over £150,000 and in the following tax year the government has also announced its intention to restrict tax relief on pension savings for this group.
• A phased reduction of personal allowances for those with income over £100,000 is also due to impact from 6 April 2010.
• The amount which can be invested in an 'ISA' account the tax free savings vehicle is to increase by £3,000 to £10,200.
• The ability to use trade losses through relief in earlier years by both an unincorporated business and a company has been enhanced.
• There is a temporary additional capital allowance on plant expenditure which may benefit those with higher levels of spending on plant and machinery.
• Extension of the furnished holiday lettings scheme to properties in the European Economic Area is to apply but the scheme is to be abolished completely from April 2010.

Please contact us for further advice on any matter which may affect you.

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In the last edition

Autumn 2011 headlines

• Low-paid get a boost
• The Residence Test
• When does 10% = 4%?
• What a Relief

We provide four Quarterly News Journals packed with useful breaking news, all intended to keep you up to date with the latest information. We display one years worth of news, just in case you have missed something.

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