The Government’s objective for Budget 2009 is to build a strong economy and a fair society, where there is opportunity and security for all. Whether that will be delivered remains to be seen. What is clear is that taxes will increase, various layers of complexity have been created around the taxation of pensions and collective investments.

There is an increased potential for confusion in these areas this only increases the necessity for clear, impartial and above all expert advice.

This year there were over 90 supporting notes with the Budget, demonstrating how many changes need consideration.  The most eye-catching of these were:

• A new 50% rate of income tax on income over £150,000 from 2010/11.
• The phasing out of personal allowances for those with income over £100,000 again from 2010/11.
• Restrcitions on higher rate income tax relief for pension contributions for people with income over £150,000.
• A temporary 40% first year capital allowance for businesses.
• An increase in the ISA contribution limit to £10,200