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Other legislative changes

• The 2008 pre budget-report announced that loss-making companies will be able to enjoy a temporarily extended three year carry back of losses (up to a cap of £50,000 for the earliest two years) to relieve taxable profits of the previous three years. This relief has now been extended to apply to losses generated in accounting periods ending between 24 November 2008 and 23 November 2010. The current one year carry back rule remains unlimited.

• The Chancellor confirmed the continuation of the widely welcomed ability for cash-strapped businesses to defer their tax payments, and a new instalment payment scheme is to be introduced on a permanent basis after April 2011.

• The Budget confirms the introduction of new HMRC powers and safeguards covering PAYE, VAT, income tax, capital gains tax and corporation tax and new time limits for tax claims and assessments (which will become just four years). There will be an unpleasant 'name and shame' list for deliberate tax defaulters.

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