Tax Rates and Allowances
The Chancellor, has announced the following changes to tax rates and allowances for taxpayers with income over £100,000:
These changes replace the announcements made at the 2008 Pre-Budget Report. The reduction of personal allowances affects those with incomes over £100,000 and the new tax rate affects those with incomes over £150,000.
24th April 2009
We are today publishing Additional Rate of Income Tax and Income Related Reduction of the Personal Allowance from 2010-11; Supplementary Note and Examples which includes some examples for the tax year 2010/11 showing how the tapering of Personal Allowances will be applied where income exceeds £100,000.
Taxation of foreign dividends
The non-payable tax credit on dividends from foreign companies will be extended to certain large shareholdings in foreign companies.
Furnished holiday lettings
From 2010/11 losses from furnished holiday accommodation will not be able to be set against other personal income. In the meantime it will be possible to set losses from furnished holiday accommodation situated in the European Economic Area against other personal income.
on interest - The National Archives website
There will be a new campaign to help low income pensioners claim any tax back which they have incorrectly paid.
Cash ISA limit
From 2009/10 the ISA limits for people aged 50 and over will be raised to £10,200, of which £5,100 can be held in cash. The ISA limits will be raised for all investors by the same amount from 6 April 2010.