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Email On Wednesday 9 December 2009, the Chancellor of the Exchequer delivered a long awaited and politically charged Pre-Budget Report (“PBR”) which was dominated by commentary on the state of the UK economy and proposals to provide both fiscal stimulus and to raise taxes through targeted measures. While the PBR was described as the Chancellor as being “fiscally neutral” when viewed overall, the closure of a number of tax mitigation arrangements was supplemented by robust measures to tackle offshore tax evasion, an enhancement to the regime for the disclosure of tax advantaged transactions and the introduction of a bank payroll tax, focused on bonus arrangements provided by banks to certain of their employees. https://www.cadwalader.com/resources/clients-friends-memos/UK-Pre-Budget-Report-2009-Key-Taxation-Aspec