N&G News
Budget 2009
Our Budget Summary covering the key points of Alastair Darling's second Budget is available for you to download. Against the background of a global economic crisis and rapidly increasing government borrowing, Mr Darling approved several significant tax changes, some of which had been trailed in last November's Pre-Budget Report. This year there were over 90 supporting notes with the Budget, demonstrating how many changes need consideration. The most eye-catching of these were:
- A new 50% rate of income tax on income over £150,000 from 2010/11.
- The phasing out of personal allowances for those with income over £100,000, again from 2010/11.
- Restrictions on higher rate income tax relief for pension contributions for people with income over £150,000.
- A temporary 40% first year capital allowance for businesses.
- An increase in the ISA contribution limit to £10,200.
We hope that this summary proves useful and, if any of the areas discussed seem likely to have an impact on your personal or corporate plans, please do not hesitate to contact us so that we can help you.