2009 Budget Summary

Chancellor Alistair Darling presented his second Budget this year on Wednesday 22 April 2009. Talking about the depth of the current recession, he also touched on the Budget measures and how they would enable the UK economy to begin to grow ‘by the end of this year’.

Some changes will be immediate but some will be delayed to 2010 and beyond, watch this space.

2009 Budget proposals

• Introduction of a 50% top rate of tax for those with income over £150,000 from 2010 and phased reduction of personal allowances for those with income over £100,000.

• Names of deliberate tax defaulters to be published where default was tax in excess of £25,000 

• Increases in ISA limits from October 2009 for those aged over 50 and for everyone from April 2010.
  
• Short term increase in capital allowances on most plant and machinery.
  
• Extension of the furnished holiday lettings scheme to properties in the EEA but then the removal of the scheme completely from April 2010.

• Enhanced relief for trading losses extended by a further year.