December 11, 2009

Highlights include:

• VAT is to revert to 17.5% as of 31 December 2009
• Employer and employee NI contributions to rise by further 0.5 per cent as from April 2011, however
• The threshold for NI payments is to be increased so that nobody earning less than £20,000 will be out of pocket
• Increase in small company corporation tax is to be deferred, leaving the rate at the 2010 level of 21%.
• As from April 2012, the point at which 40 per cent income tax becomes payable is to be frozen for a year