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What other taxation changes are worth noting?

As we suggested in one of our earlier post, there are a number of changes to the taxation system in the UK which include:-

The tax-free allowance will increase by £440 to £6,475, with no tax paid on income up to this level.

National Insurance will now be payable at a rate of 11% up to £43,875 which has risen from £40,400. This subtle adjustment will bring substantially increased taxes for the UK government.

The basic pension has been increased to £95.25 from £90.70.

There will be changes in the pension credit arrangements with the figure for individuals rising to £130 a week and £198 a week for couples.

Inheritance tax (which was something of a hot topic just a few months ago) will rise from £312,000 to £325,000 although we fully expect significant changes in the future.

Interestingly there has also been a change in employment law which requires employers to be more "flexible" to parents of children under 16 who request flexible working hours. In all honesty this is something of a non-event as informal guidelines have been introduced before and ignored by many employers.

These are just a selection of the changes which will come in for the 2009/10 tax year and are worth noting for your records.

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