Sale of business and rights of new employer

The company I work for has just been sold. According to the letter I received the new owner will just take over the present contracts. Now I assume that he must have some rights to change things?

Can he change the conditions of employment or reduce the salary - or would he have to give notice and the option to be reemployed?

I am told one change has already occurred. The leave year used to run from 1 Jan to 31 Dec. It will now run from the date of the take over. When the present owner pays up to that date and issues a P45 they will deduct money for the amount of leave already taken that is in excess of the proportion of the year that they owned it for.

I am generally hopeful as this seems like a good time to move on, however I am a bit narked at being out of pocket by a few quid and so a bit cautious and wanting to know what other surprises could be waiting in store.
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