The Chancellor has announced that he will deliver his pre-budget report 2009 at 12.30 pm on Wednesday 9 Deecember 2009. We aim to publish full details of all of his announcements that could affect you and your business on this site within a few hours of the speech ending.

In the 2009/10 budget he made the following announcements:

There will be a new higher rate of 50% on taxable income abover £150,000 from 6 April 2010. The personal allowance for those with 'adjusted net incomes' above £100,000 will be gradually reduced to nil

A new 42.5% tax rate on dividends where the taxable income is above £150,000

The basic rate of income tax on taxable income up to £37,400 will be 20%

The small companies rate is to remain unchanged at 21%. It had been expected to go up to 22%

The 100% annual investment allowance on the first £50,000 capital expenditure on plant and machinery will continue to apply until 31 March 2010 for companies and 5 April 2010 for unincorporated businesses

A 40% first year allowance for expenditure incurred on general plant and machinery 1 April 2009 to 31 March 2010 (6 April 2009 to 5 April 2010 for unincorporated businesses)

From 1 April 2009, capital allowances on cars will be based on the CO2 emission of the car

The ISA limit have been increased to £10,200 for those aged over 50 from 6 October 2009.

The carry-back of trading losses incurred in accounting periods ending in the 12 months to 23 November 2009 has been extended from the current one year entitlement to a period of three years up to a maximum of £50,000