Are business accounts covered by the 50k guarantee?

From Tuesday the limit is being raised from 35 to 50k, but will this just cover personal accounts or business accounts as well?

Its a bit of a sod that its personal only. Thinking of buying some gold bars and putting them in the bottom draw of a filing cabinet....

Thanks. I thought as much. Could be time to move some spare cash out soon!

No.
Small businesses as defined by the companies act are also covered. IE under 50 employees, turnover under £5.6m etc.

Not an easy read, but the FSA list of who's covered is here
http://fsahandbook.info/FSA/html/handbook/COMP/4/2

So - if we transfer say £50K from our business account to an unused / dormant personal account purely as a safeguard - and that money is not used for anything (ie just sits in the personal account and eventually gets transferred back) - what are the chances that the Inland revenue would accept it as a panic measure and not as a [taxable] personal loan?

I suspect the answer is zero. I think I'll do it anyway.

Thanks folks - very godo to know businesses are covered, especially after events of the past 2 days!

This is an interesting topic and something, I regret to say, I have an interest in. My own limited company had a lot more than £50k way back before kauphuting bought out singers & friedlander and continued to do so until yesterday when the company was placed in admin by the UK treasury. I have spoken to the FSA and FSCA and they say that, under small companies protection I will get it all back, my accountants also checked this out and was confirmed to them and that I should have a claim form sent to me within next 7 days. My account was a deposit 90 day tracker and I would imagine the councils were similar. One to watch and I hope that it is true!!

Errr - not exactly. The VAT and tax man will still expect their liabilities to be settled.
Obviously, if you finally come to the conclusion that the monies held in the bank account are irrecoverable, you will be able to offset the "lost" baalnce against your income IN THE YEAR THE LOSS IS WRITTEN OFF IN THE ACCOUNTS. That means last year's tax liabilities will still be due. It is just the next year's liability that will be reduced or wiped out.