Pre-Budget Report 2009 Introduction Personal tax Tax rates and allowances Furnished holiday lettings Pensions and Credits State Pension Rates of tax credit National Insurance Contributions Rates and limits: 2010/11 Rates and limits: 2011/12 Employees Bankers' bonuses Electric cars and vans Cars up to 2012 Car fuel Works canteen Savings Pension contributions Capital Gains Tax Annual exemption and rate Inheritance Tax Rates and threshold Stamp Duty/Stamp Duty Land Tax Extended holiday ends Corporation Tax Rate of tax Business Tax Bank payroll tax Capital allowances Research and development Time to pay Empty property rates relief Value Added Tax Standard rate Flat rate Other Measures Equitable liability Offshore disclosure opportunity Public sector pay and pensions Tax avoidance

Annual exemption and rate The annual exemption for CGT is not announced at the PBR. As it usually changes by the same amount as the personal allowances, it is likely to remain unchanged at £10,100 for 2010/11. There was some speculation in advance of the PBR that the Chancellor might do something to address the large and increasing difference between the top rate of income tax (rising from 40% to 50%) and the CGT rate (18%). This is clearly an incentive to invest for capital rather than income returns, but no measures were announced to counter it. There are already plenty of anti-avoidance rules to stop artificial attempts to turn what is really an income profit into something that is taxable as a gain, and HMRC must believe that those existing rules are enough for the moment.