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Private individuals

You will find listed here all articles related to Pre-Budget Report 2009 - Private individuals.

Pension Contribution Allowances

The Chancellor has announced measures that he believes will see a further 70,000 individuals affected by the capping of tax relief on pension contributions, in total a mere 2% of pension savers.

Hike in National Insurance

The 2008 Pre-Budget Report announced increases in the main rate of Class 1 and 4 National Insurance (“NI”) of 0.5% to 11.5% and 8.5% respectively, with the employer’s rate also increasing by 0.5% to 13.3%. These changes were due to be effective from 6 April 2011.

Tax avoidance – HMRC expanding their intelligence gathering

The Government has published a consultation document with various proposals to widen and strengthen the disclosure of tax avoidance schemes (DoTAS) regime.

EIS and VCT - Changes to Venture Capital Schemes

A number of changes have been announced to the EIS and VCT regimes to make them more compliant with EU law as follows:

Tackling Tax Evasion

In his Pre-Budget Report the Chancellor made a very clear statement that the Government was going to continue its war on tax evasion with consultation on three measures:

Bank Bonus

The Government has targeted bonuses in the banking sector and the perceived contribution bonuses have on risk taking. In his speech, the Chancellor also highlighted the need for the banking sector to recapitalise balance sheets in priority to paying out bonuses.

Furnished Holiday lettings (FHL)

Currently, a furnished holiday letting can be deemed to be a trade and as such enjoys more flexible loss relief, capital allowances, and certain capital gains reliefs. For Income tax and Capital Gains tax purposes these rules cease from 6 April 2010 and for Corporation tax purposes the rules cease from 1 April 2010 (“the relevant date”).

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