On Wedhesday 9th December 2009 the Chancellor of the Exchequer Alistair Darling presented his Pre-Budget Report.

A brief summary of the main tax measures to be introduced are:

- The standard rate of VAT will revert back to 17.5% on the 1st January 2010

- The planned increase in small companies rate of Corporation Tax has been deferred, therefore the rate remains at 21%.

- An new 50% rate of income tax for income levels over £150,000 pa from 2010/11.

- Personal Allowances for 2010/11 will remain at the same level as in 2009/10 

- From April 2011 rates of National Insurance will be increased by 1% for employees, employers and the self employed.

For more details of the Pre-Budget Report please choose from the menu options at the top left of this page. Alternatively for the comprehensive Pre-Budget Report please visist  www.hm-treasury.gov.uk/prebud_pbr09_index.htm