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Business Tax: Corporate and Self Employed

Loss Relief
The support announced by the Chancellor at the November 2008 Pre Budget Report will be extended for a further year. This allows businesses to carry back trading losses against profits of earlier periods.

Self Employed 3 line account threshold
The threshold will be linked to the VAT threshold and increased to £68,000 for tax year 2009/10.

Foreign Profits
The Chancellor has announced a package of measures on the taxation of foreign profits by UK companies that are members of groups. More information about the proposals was published by HMRC on 7 April 2009 see Worldwide debt cap current thinking: Update note on design changes.

Construction Industry
There will be consultation to find a long term solution to the issue of false self employment status.

Corporation Tax Rates
The main rate for Financial Year (FY) 2010 will be 28 per cent (unchanged from FY 2009). The small companies rate for FY 2009 will be 21 per cent. Details are in Budget Note 2 and Budget Note 3.

Capital Allowances - First Year Allowance
The Chancellor has announced a new temporary 40 per cent first-year allowance (FYA) for expenditure on general plant and machinery will apply to qualifying spending incurred in the 12 month period beginning on 1 April 2009 for corporation tax, and on 6 April 2009 for income tax.