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Home / Knowledge / News / Textiles / Pre-Budget Report 2008 - plans to cut VAT

Pre-Budget Report 2008 - plans to cut VAT

25
Nov '08

Speaking in the House of Commons, the Chancellor has set out his actions for supporting people through the difficult times of the current global financial crisis.

Tax changes
- The £600 increase in the income tax personal allowance announced in May 2008 will become permanent with a further increase of £130, meaning basic rate taxpayers pay £145 less tax a year in 2009-10
- Employee, employer and self-employed rates of National Insurance Contributions will increase by 0.5 per cent from April 2011
-The income tax personal allowance will be restricted to half its value for those with incomes over £100,000 from April 2010 and a new higher rate of income tax of 45% will be introduced for incomes above £150,000.

VAT
The Value Added Tax (VAT) rate will be temporarily reduced to 15 per cent from 1 December 2008 until 31 December 2009.

Pre-Budget Report 2008 - VAT reduction

Benefits and tax credits
To provide additional support for low- and middle-income taxpayers, the government will:
- April's increase in Child Benefit will be brought to January. This is worth an additional £22 on average to families. The commitment to increase the child element of the Child Tax Credit by £25 above indexation in April 2010 will also be brought forward to April 2009
- All pensioners will; be paid £60 in the New Year, the equivalent of bringing forward the April increase in the Basic State Pension for a single pensioner to January.
- The Prime Ministers announcement to legislate on the commitment to eradicate child poverty by 2020 will be taken forward through a child poverty bill in 2009
- The government is committed to uprating the basic State Pension by RPI or 2.5%, whichever is higher. In April 2009 the level of a full State Pension will rise in line with prices to £95.25 a week
- An above-indexation increase in Pension Credit's minimum income guarantee to £130.00 for single pensioners and £198.45 for couples in 2009-10.

Green measures
- Introducing a green stimulus – accelerating £535 million of capital spending on energy efficiency, rail transport, and adaptation measures
- Including aviation in the EU Emissions Trading Scheme from 2012
- The postponed two pence per litre fuel increase will go ahead on 1 December 2008.
- Installing 600,000 insulation measures this winter, up to 70 per cent on last winter
- Reforming air passenger duty from 1 November 2009,

Public spending
As part of the government's fiscal stimulus package, £3bn of capital spending will be brought forward from 2010-11 into 2009-10 and 2008-09

The government will increase its Value for Money target in 2010-11 by £5 billion

Current spending will grow on average from 2011-12 to 2013-14 at 1.2 per cent a year inreal terms, and public sector net investment will move to 1.8 per cent of GDP by 2013-14.

Government UK

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