In the News
Emergency Pre Budget Report
The Chancellor, Alistair Darling, on Monday presented his “emergency” Pre-Budget Report.
A summary of the Report is on this site and can be accessed by clicking:
Resource CentreOnline ResourcesPre Budget Report 2008
There are numerous changes proposed in the Report, the key ones of which include:
Reduction in the standard rate of VAT from 17.5% to 15% with effect from 1 December 2008.
Proposed new rate of income tax from 2011/12 of 45% on income above £150,000.
The rate of tax applying to Trusts, again from 2011/12, is set to rise to 45% on all income (i.e. there is no £150,000 threshold) in regard to Trusts.
For companies, the provisions in regard to loss relief are improved for periods commencing after 24 November 2008 and for unincorporated businesses for the tax year 2008/09.
When you have had the opportunity of reviewing the Budget Summary, we would be very pleased to speak with you further on any matters that are of concern to you.
If you wish to speak to us, please contact Patrick Lydon, either by telephone on 01204 534031 or at his email address of patrick@warings.co.uk
27th November 2008