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Dear
Duncan,
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'.
As
always the timing of the changes needs to be carefully watched – some are
immediate but some are delayed to 2010 and beyond.
Our
summary focuses on the issues likely to affect you, your family and your
business. To help you decipher what was said we have included our own
comments.
If
you have any questions please do not hesitate to contact us for advice.
Main
Budget proposals
- Introduction
of a 50% top rate of tax for those with income over £150,000 from
2010 and phased reduction of personal allowances for those with
income over £100,000.
- Increases
in ISA limits from October this year for those aged over 50 and for
everyone from April 2010.
- Enhanced
relief for trading losses extended by a further year.
- Short
term increase in capital allowances on most plant and machinery.
- Extension
of the furnished holiday lettings scheme to properties in the EEA
but then the removal of the scheme completely from April 2010.
- Names of
deliberate tax defaulters to be published where default was tax in
excess of £25,000.
Previous
announcements
Many
of the changes detailed in this summary have been the subject of earlier
announcements. Here is a reminder of some of the more important ones:
- removal
of the £12,000 'expensive car' limit for capital allowance purposes
- availability
of non-repayable tax credit on overseas dividends received by any
individual
- removal
of tax charge for companies on overseas dividends
- extension
of HMRC compliance powers across all the taxes dealt with by HMRC.
Click here now to
read our summary and find out how it affects you.
Kind
regards,
Brooks
& Jeal
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