On 24 November 2008, the Chancellor presented the Pre-Budget Report to Parliament. The main tax changes are summarized below.
Corporation tax
There will be a deferral of the planned increase in the small companies' tax rate. The 1 percentage point increase (to 22%) will take effect from 1 April 2010, instead of 1 April 2009, as originally planned.
The government will continue with its proposals to reform the taxation of the foreign profi…