Rowley's Chartered Accountants Leicester

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The Chancellor of the Exchequer has delivered his third Pre Budget Report, against a background of a record level of borrowing which needs to be repaid by cutting costs and raising taxation whilst the country is still in a recession.

The Pre Budget Report contained the following headline features:

• Introduction of legislation to tax bankers’ bonus payments over £25,000 at 50%
• Increasing the rate of VAT to 17.5% from 1 January 2010
• Freezing the Inheritance Tax Threshold at £325,000
• Corporation Tax rates for small companies remains unchanged at 21%
• National Insurance rates to increase by 1% from 6 April 2011 on earnings above £20,000

To read our commentary on all of these measures click here or speak to your normal contact.