Personal tax

The Chancellor has delivered one of the most important Budgets in years against a backdrop of rising unemployment, soaring government borrowing and quite possibly the hardest hitting recession since the Second World War.

The government could fail to raise the amounts of money it anticipates following the Chancellor’s decision to introduce a new 45 per cent top income tax band, it has been claimed.

It is thought that the Chancellor may use the Budget to announce that last year’s temporary cut in stamp duty will be extended for a further three months.

When Alistair Darling stands up in the House of Commons on 22 April, he will be delivering his Budget speech against the backdrop of one of the worst post-war recessions, if not the worst.

HM Revenue and Customs (HMRC) has announced that, as from 6 April 2009, it is possible to submit self assessment tax returns online that cover earlier years.

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