The 2010 Pre-budget report (PBR), or something equivalent, will be announced on 29 November 2010.
The 2011 Budget will fall on 23 March 2011.

Expect Chancellor George Osborne to announce the following:

  • Changes to the FHL rules: we think extending the qualifying letting periods.
  • Changes to pensions: restricting tax relief on inputs as already announced.
  • Legislation to counter tax avoidance for close companies using Employer Funded Reirement Benefit schemes (EFRBS) and Employee Benefit Trusts (EBTs): no announcements but trust expert Malcolm Gunn has suggested that a 25% tax charge (akin to the tax charge on director's overdrawn loan) on close company contributions might stop some of the tax leakage.
  • More small business initiatives: tba.
  • Draft legislation: the Government has indicated that it wants to consult and so we hope to see drafts coming our way.

We will be covering all aspects from an SME perspective and of course providing timely Adviser updates in our popular Finance Acts Planner.