Can't purchase from the iTunes store - "unknown error (-450048)"

I can connect to/browse the store fine, but I get this message every time I try to purchase/pre-order something:
"We could not complete your iTunes request. An unknown error occurred (-450048)."
"There was an error in the iTune store. Please try again later."
I've used iTunes for years and years, but the last few months this keeps on happening and I've not been able to buy anything. I've checked/re-entered my credit card details, checked all my account details, my version of iTunes is up to date... I have no idea why it won't work!
Please help!

What happen when you try?

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