Horwath Clark Whitehill’s Pensions Group wins ‘Pension Scheme Auditors/ Accountants of the Year’ for the second time at the European Pensions Awards

The 'unavoidable Budget'

No big surprises from George Osborne in the Chancellor's
Budget as he cut public spending in a bid to get the budget
deficit under control by 2015.

After much speculation, the Capital Gains Tax (CGT) rate
will increase from 23 June to 28% for higher rate taxpayers.

As feared, VAT is to rise but not until 4 January 2011 so at
least we have time to plan for the change. The new standard
rate will be 20%. Those items currently zero-rated such as food
and children’s clothes will remain so.

There will be a phased reduction in the standard corporation tax
rate over the next four years. The rate drops by 1% a year
starting in April 2011. This will assist profit making businesses.

The pension contributions restriction for income tax relief for
higher income individuals from April 2011 is to be replaced by
a limit on tax-relievable contributions of no more than £45,000.

We get to keep Furnished Holiday Letting Relief on European let
property for this tax year.

For further analysis, click here.