Budget 2008

In his first Budget, Chancellor Darling opted for a less radical approach than he had adopted in his Pre Budget Report last October. Although he decided to press ahead with changes to the tax rules for non domiciled individuals and capital gains, he made changes to reflect the extensive lobbying of the last few months. The proposed new "income shifting" rules have been postponed for a year to provide time for further consultation and this is a very welcome move.

Many of the other changes taking place on 6 April were unveiled by Mr Brown in his last Budget last year. These changes include the withdrawal of industrial buildings allowance, agricultural buildings allowance and hotels allowance, radical changes to the capital allowances rules, an increase in the small companies rate of tax and a 2% cut in the main rate of corporation tax.

The main changes are described in our two page Budget Stop Press which can be downloaded here.

Click here for Tax Tables

Budget Archive