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Budget highlights

21 March 2007
Categories: HMRC powers
A bullet point summary of the main changes in this year's Budget

Budget Highlights

  • Corporation tax rate reduced to 28% from 2008-09
  • Small companies rate increased to 20% (2007-08) 21% (2008-09) 22% (2009-10)
  • Income tax basic rate reduced to 20% from 2008-09
  • Income tax starting rate abolished
  • Employee's Class 1 NI upper earnings limit to be aligned with higher rate tax threshold from 2008-09
  • Research and development tax relief to be extended
  • First year capital allowances for small businesses extended for one year
  • Industrial buildings and agricultural buildings allowances to be phased out
  • Accounting for VAT for non-business use of land and buildings reducing to ten years
  • Measures tackling managed service companies
  • Anti avoidance: disclosure regime loss buying ...

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