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

Offshore disclosure opportunity The PBR includes measures to increase the penalties for "offshore tax evasion". People hiding their money from HMRC in offshore accounts will be subject to penalties of up to 100% of the tax evaded, and there will be separate penalties for failing to notify the opening of an account in certain foreign countries. This means that a total penalty of 200% could be levied, together with interest - if the tax rate is 40%, let alone 50%, the final liability is considerably more than the figure you started with. At present, taxpayers have been invited to make a disclosure of any offshore assets that have been concealed from HMRC. It will be necessary to come forward by 4 January 2010 to qualify for a special reduced penalty regime. This is supposed to be "one last chance" before the higher penalties will apply in future. HMRC say that they have access to information from over 300 financial institutions which will identify UK taxpayers who have accounts abroad and have not disclosed them - so, once they have sifted through all that information, they will come looking for those who are still hiding.