Rarely can the portents for a Pre-Budget report be as ominous as this one. Chancellor Alistair Darling will stand up on Wednesday shortly after noon to make what many people predict might be his last Pre-Budget statement.
His advisers at The Treasury always makes sure he has something to say - for example, the massive public deficit resulting from this year’s bank bail-out - but will it really matter?
The change of the rate of VAT back to 17.5% was set out in March’s budget and a new 25% flat rate for capital gains tax is expected, but could the impending general election make this year’s PBR be the dampest of squibs?
Trying to predict the contents of the Pre-Budget statement is always a bit of a lottery but, with a little bit of insider knowledge, here’s what we at The Smart Frog offices are predicting.
· Confirmation of further staged VAT rises in the future.
· A raise in the basic rate of income tax by 1p across the board from April 2010.
· Further 1% rise in NICs across the board from April 2011.
· Duty rises in petrol/diesel.
· No alcohol duty rises for some pre-Holiday Season cheer.
· Extension of the new three year carry-back of £50,000 of losses beyond the scheduled expiry date of November 2009.
· Increase in relief for entrepreneur and employee shareholders/investors to encourage long-term investment.
Check back to see how many of these predictions were correct. And before you ask, The Smart Frog is keeping the numbers for next weekend’s National Lottery a closely guarded secret!
His advisers at The Treasury always makes sure he has something to say - for example, the massive public deficit resulting from this year’s bank bail-out - but will it really matter?
The change of the rate of VAT back to 17.5% was set out in March’s budget and a new 25% flat rate for capital gains tax is expected, but could the impending general election make this year’s PBR be the dampest of squibs?
Trying to predict the contents of the Pre-Budget statement is always a bit of a lottery but, with a little bit of insider knowledge, here’s what we at The Smart Frog offices are predicting.
· Confirmation of further staged VAT rises in the future.
· A raise in the basic rate of income tax by 1p across the board from April 2010.
· Further 1% rise in NICs across the board from April 2011.
· Duty rises in petrol/diesel.
· No alcohol duty rises for some pre-Holiday Season cheer.
· Extension of the new three year carry-back of £50,000 of losses beyond the scheduled expiry date of November 2009.
· Increase in relief for entrepreneur and employee shareholders/investors to encourage long-term investment.
Check back to see how many of these predictions were correct. And before you ask, The Smart Frog is keeping the numbers for next weekend’s National Lottery a closely guarded secret!
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