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Public interest entities

You will find listed here all articles related to the Pre-Budget Report 2009 - Public interest entities.

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.

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.

Cars and fuel the future taxation policy is made clear

The Chancellor has set out the future for the taxation of company cars. The present tax rules will have been in place for 10 years at April 2012 and it was unclear what would be the future policy. There is no intention to significantly change the way in which the benefit in kind is calculated, however, the changes announced will mean that company cars will be more expensive for employees unless the vehicle has lower CO2 emissions.

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.

Further attack on schemes to gain the benefit of capital allowances

A long time ago now, HMRC suggested businesses would like to have their tax simplified by having accounting depreciation as their tax deduction instead of capital allowances. There was almost unanimous objection from businesses – they liked the flexibility of deciding when they wanted to receive amounts of tax relief for acquiring plant and machinery. HMRC have not forgotten that businesses were keen on the “inconvenience” of capital allowances.

Life Insurance: Apportionment of income and gains

Draft legislation has been published aiming to prevent with-profits life insurance companies with non-profit business from manipulating their mix of business to permanently shelter profits from tax.

Workplace canteens “sacrificed”

The Chancellor announced changes to a specific tax exemption relating to the provision of free or subsidised meals in a canteen at or on the employer’s business premises where provided in conjunction with a salary sacrifice or flexible benefits arrangement.

Low Carbon Economy Measures

Most of the measures announced in the Pre-Budget Report for supporting low carbon growth will cost the Government very little, and will take quite some time to percolate through to the economy. The largest measures will impact people and businesses through their utility bills, rather than through their tax bill.

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:

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