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Firstly, there's little doubt that some proper measures on tax losses would be welcome. The £50,000 three year loss carry-back introduced at the Pre-Budget Report (PBR) 2008 was not well designed. Firstly, of course, it's worth less than £10,000 for most companies (although it could be worth £20,000 for unincorporated businesses). As a result, it's not big enough to make enough of a difference. Secondly, giving it only for the accounting year ending in the year 24 November 2008 - 23 November 2009 means that for many companies it will be a year too soon. The years to 31 December 2008 and 31 March 2009 (the most likely years fitting into this one-year period) are thought by many to be better than is expected in 2009-10 and 2010-11. In its place, we surely need an unlimited three year loss carry-back.

A loss carry-back may not be sufficient for some companies. Buying and selling losses has traditionally been frowned on by the Treasury. However, they have recently accepted tax losses as payment for participation in the Asset Protection Scheme, under which one participating bank contractually gave up some of its tax losses. This sort of model could help some companies, who would benefit by selling losses to the Treasury in return for a cash injection, perhaps at a discounted rate. The Treasury would also benefit by letting such companies start paying tax sooner, once profitability returns (and even the current, limited scheme is forecast to increase tax yield in two years' time). A massive loss-overhang distorts business behaviour.

The next time-limited relief that needs to be looked at is empty property relief from Business rates. The property and real estate sectors are lobbying for the relief to be reintroduced generally. However, as a minimum, the one year let-out for buildings rated at less than £15,000 offered in PBR 2008 needs to be extended for at least another two years, to protect small businesses during the expected property downturn. This one-year relief apparently cost £195 million.

The third time-limited relief that needs to be extended to be effective is the one year increase in the Stamp Duty Land Tax threshold from £125,000 to £175,000 which applies to 2 September 2009. Since the relief was introduced, volumes of house sales have plummeted; the Land Registry reported that the average monthly sales in September-December 2008 were 38,830 - down from over 95,000 in the previous year.

It is clear that the timing of the tax incentive wasn't right. We hope that the Chancellor will announce in the Budget that the £175,000 threshold will remain in place for at least another year - and preferably longer. The value of the increase will depend on which part of the country buyers are looking. The Land Registry reports that the average house price is less than £175,000 in all parts of England & Wales - apart from the South East (£190,000) and London itself (£298,000).

In a new era where lenders want sizeable deposits from buyers, the stamp duty saving of up to £1,750 is important.

The Business Payment Support Service has proved to be valuable and will need to be renewed and extended. Reports at the beginning of April noted that £1.8 billion had been advanced under the scheme, to over 100,000 taxpayers. Businesses and individuals that deferred tax payments under the scheme are unlikely to have turned the corner and further deferrals will be needed - unless other funding has become available. The scheme is likely to bring a cost in subsequent years, as not all the money advanced will end up being repaid.