UK Pre Budget Report 2009
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UK Pre Budget Report 2009
As almost universally expected, the principal theme of this year’s Pre-Budget Report is politics; hardly a sentence is found in the Chancellor’s speech that does not challenge the Opposition or seek to bolster the Government’s credibility.
The national finances are concerning, national debt as a proportion of Gross Domestic Product rising to 78% in 4 year’s time attracts attention. Yet an optimistic growth projection, together with undertaking that public spending will fall by 0.8% over the next three years allows the Chancellor to maintain current spending and tax plans – at least until after the election.
There was little for business in the Statement beyond a welcome extension to the payment deferment arrangements and a potentially interesting offer of a lower rate of tax for income attributable to UK patents from 2013 onwards.
Taxes are increased by the changes previously announced including the 50% tax rate and the limiting of tax relief on pension contributions. Rates and allowances are frozen and National Insurance will increase again in 18 months time but the capital gains tax rate remains untouched. Interestingly, many of the structured products presently being marketed as tax mitigation schemes appear not to have received explicit attention.
Other than the points highlighted above, there is a relatively modest selection of technical changes and closing of loopholes.
For a summary of Pre-Budget Report 2009 supplied by Chantrey Vellacott DFK, please click here.
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