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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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