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Budget 2009 - ACCA UK's guide to the key issues.
Welcome to ACCA UK's summary of those points in the Chancellor's 2009 Budget most likely to impact on members in the corporate sector and public practice. There are no restrictions on using this content; you are welcome to share it with colleagues and clients.

ACCA says
Why we have few reasons to cheer
Richard Aitken-Davies, President of ACCA, offers his take on this year's Budget.

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Budget 2009 podcast
While the 2009 Budget contained very few tax reliefs for small businesses this short podcast - presented by Paul Soper - looks at the more relevant changes and how they will impact on you and your clients. This podcast is designed for you to share with your colleagues, and our members in practice may also wish to send the link to their clients.
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Presenting the 2009 Budget
Following the Chancellor’s 2009 Budget announcement, ACCA UK has created a rolling PowerPoint presentation summarising the key points.
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Guiding you through the Budget 2009
ACCA UK has produced a simple guide to the key changes announced in the Budget 2009.
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key issues - an overview
VAT's moment in the sun
Paddy Behan looks passed the headlines to discover what effect the Budget will really have on VAT.
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Employers breath a sigh of relief!
No news is good news for employers, with NI contributions remaining unchanged, but high earners will be punished, says Mike Evans.
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Income tax rates, allowances and limits
The tax rates and allowances confirmed in the 2009 Budget for 2009/10 and changes for 2010/11 and 2011/12.
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Using losses
The extension of trading loss carry back for business announced in the Pre-Budget Report has now been extended from a one year, to a two year period.
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Capital allowances
First year allowances: plant and machinery. Additional capital allowances are now available for 2009/10 for businesses investing in plant and machinery.

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Driving the change
A summary of the changes to capital allowances on cars.

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Indirect tax
A roundup of the latest changes to VAT and other indirect taxes/duties.
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Changes to pensions from 6 April 2009
An overview or the changes to pensions including deferred benefits, the pensions regulator, pension protection fund and the financial assistance scheme.
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Pension contributions
Details of the transitional arrangements for pension contributions made by individuals with incomes over £150,000.
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Changes to EIS, VCT and corporate venturing schemes
Legislation will be introduced to make improvements the EIS, VCT and corporate venturing schemes.
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The powers that be
A review of HMRC powers, deterrents and safeguards; including payments, repayments and debt.
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Clearing the path for Islamic finance
A number of proposals will further boost the popularity of Islamic financial products as an alternative source of finance for businesses in the UK.
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Loan relationship rules
Two changes will be introduced in the Finance Bill 2009 which will affect companies subject to the corporation tax legislation on corporate debt also known as the 'loan relationship' rules.
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Taxation of foreign profits
A number of changes have been introduced to the taxation of foreign profits.
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Non-domiciled: remittance basis
UK resident, non-UK domiciled individuals have the option of using the remittance basis of taxation.
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Defining offshore funds
Changes to the definition of offshore funds.
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Inheritance tax relief for agricultural property and woodlands
A summary of the changes to agricultural property relief and woodlands relief.
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Dividends from offshore funds

Information on the restored relief for offshore funds.
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changes at a glance
Tax rates and allowances 2009
A detailed breakdown of changes to tax rates and allowances.
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UK personal allowances
A summary of the removal of entitlement to UK personal allowances for Commonwealth citizens resident abroad
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Corporation tax rates
A summary of the changes to corporation tax rates.
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Personal accountability of senior accounting officers of large companies
Through enhancing corporate transparency, this measure will affect large companies and groups and their senior accounting officers.
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HMRC to name and shame
Legislation will be introduced to enable HMRC to publish the names and details of individuals and companies who are penalised for deliberate defaults leading to a loss of tax of more than £25,000.
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Increase in limits for Individual Savings Accounts
A look at the increase in limits for Individual Savings Accounts (ISAs).
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Changes to company car taxation
An overview of the changes to the current company car taxation rules.
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Vehicle scrappage scheme
As part of the measures to support business and as an effort to boost the car industry during the current downturn, the Government has announced the introduction of a vehicle scrappage scheme.
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Reallocation of chargeable gains within groups
A summary of the changes to TCGA, s171A.
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Financial Services Compensation Scheme
Compensation paid by the FSCS to customers of defaulting financial institutions has included accrued interest.
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Export guarantee scheme
Steps to improve the certainty of payment.
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Corporation tax
A look at the Asset Protection Scheme and Tax Reliefs.
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Foreign denominated losses
Considerations for translating profits and losses in Sterling.
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Furnished holiday lettings
A summary of the changes to the FHL rules.
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Personal taxation: taxation of foreign dividends
The Budget introduced changes to the taxation of individuals receiving dividends on shares in foreign companies.
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National insurance: credits for children
A look at the NI credits available for carers.
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Transfers of income streams
A look at the tax treatment for transfers of income.
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Interest relief: anti-avoidance
A summary of the new legislation affecting interest relief.
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HMRC Agents' Update
HMRC’s 11th Agents’ Update is now available to download from ACCA’s website.
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The lighter side of the Budget
One possible reaction to the 2009 Budget
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events
Corporate Accountants' Updating Programme (Taxation Day)
CPD events to help members in the corporate sector understand the 2009 Budget and its implications for business.
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Practitioners' Seminars Groups
Brush up on your knowledge with these CPD courses taking place across the UK.
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ACCA Business Breakfast (Wales)
An ACCA Business Breakfast will examine what the Budget means for you next Friday, in Bangor.
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Saturday CPD Conferences and One Day Courses
Details of relevant one day events for practitioners taking place around the country between now and July.
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survey
An overview of the latest consultations from HMRC.
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What are your thoughts about the 2009 Budget?
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