Data shown in this sample s taken fron the 2005 budget.
The 2006 Budget summary will be emailed in the early hours of the morning the
day and the tax rates within two working days after the
budget.
Gordon Brown presented his ninth Budget on
Wednesday 16 March 2005. At under an hour it certainly fell well short of the
longest continuous Budget speech ever. That was delivered by William Gladstone
on 18 April 1853 and ran to four hours and 45 minutes!
If the British
public were hoping for a Budget filled with pre-election sweeteners then they
were disappointed. Gordon Brown used his speech to remind us of his golden rule,
to balance the current budget over the economic cycle, and to set out his
long-term vision for the country.
Press speculation, which was somewhat
muted in the run up to the Budget, had focused on stamp duty land tax breaks for
first time buyers and the Chancellor did not disappoint.
As expected, a
raft of anti-avoidance measures were announced. This was the expected outcome of
last year’s new tax scheme disclosure regime.
In addition the government
will continue to consider ways to reduce administrative burdens on business
following the Hampton Review.
Our summary focuses on the issues likely to
affect you, your family and your business. To help you decipher what was said we
have included comment and suggested action points. If you have any questions
then please do not hesitate to contact us for advice or to discuss any action
you may wish to take.
The Budget proposals may be subject to amendment in
the Finance Act. You are therefore advised to contact us before taking any
action as a result of the contents of this summary.
Some of the changes detailed in this summary have been the subject of earlier announcements. Here is a reminder of some of the more important ones: