Year:2009 (9)
Month: Apr (9)
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An outline of the main budget proposals
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As previously announced the government proposes significant changes to the system of personal allowances and tax rates. These changes which were announced last year mainly impact on those with higher levels of income. Significant changes have now been made to the original proposals.
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The main rate of corporation tax which applies to companies with profits of more than £1.5 million remains at 28%.
The small companies corporation tax rate which applies to companies with up to £300,000 of profits remains at 21%.
The effective marginal corporation tax rate for profits between £300,000 and £1.5 million is 29.75%.
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Where a company car is provided for an employee’s private use, a taxable benefit arises which is based on the list price of the car and its CO2 emissions. The percentages range from 15% to 35% for most cars. There are currently discounts available for environmentally friendly cars.
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APR reduces the value of agricultural property chargeable to IHT. Before Budget Day APR was restricted to property in the UK, the Channel Islands or the Isle of Man. Finance Bill 2009 will extend relief to agricultural property in the European Economic Area (EEA).
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The standard rate of VAT was reduced from 17.5% to 15% for the 13 month period 1 December 2008 to 31 December 2009. HMRC have confirmed their intention that the standard rate of VAT will revert to 17.5% from 1 January 2010.
Legislation will be introduced to counter schemes which purport to apply the 15% VAT rate to goods or services to be supplied on or after the date that the rate returns to 17.5%.
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Making MPPs available requires necessary changes to HMRC’s computer and accounting systems and therefore they will not be introduced before April 2011. The collection of small debts through PAYE will also require changes to HMRC’s systems, and is likely to begin from April 2012.
The third party information power to trace missing debtors will have effect on and after the date that Finance Bill 2009 receives Royal Assent.
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Every eligible child born on or after 1 September 2002 has a Child Trust Fund account. Family and friends can contribute up to £1,200 into the account each year.
The government will make payments of £100 per year into the Child Trust Fund accounts of all disabled children. Severely disabled children (those who receive the High Care element of Disability Living Allowance) will receive £200 per year. These payments will not count towards the £1,200 yearly contribution limit. The payments will start in April 2010.
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