Pre-Budget Report 2009 - Mazars - United Kingdom
Pre-Budget Report 2009
In the Pre-Budget Report the Chancellor set out the intention to reduce public sector borrowing by half. Most of the reduction is planned to come from efficiency savings with cutbacks affecting large projects.
Set against the PBR, the amounts coming from tax changes are modest. But for those affected they will be severe. Banks that pay out bonuses before next April of more than £25,000 per employee will suffer a punitive additional tax charge. High earners may be taxed on employer contributions to pension schemes. And although future increases in NIC rates at 1% on employer and employee are not large, they will impose a significant cost on businesses.
Our summary of the key changes are detailed throughout our website, please follow the links on the left hand side of this page to find out more about today's announcements.
For further information please don't hesitate to contact me or one of our listed experts. Alternatively you may wish to sign up to receive our Pre-Budget online update, if so please click here.
Ross MacKenzie.
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