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2003 Pre-Budget Report
Introduction
Chancellor
Gordon Brown presented his Pre-Budget Report on Wednesday 10 December. The
traditional day for Budget statements has changed from Tuesday to Wednesday
and, for various reasons, the timing of both the autumn statement and the main
spring Budget has slipped. This is the latest an autumn statement has yet been
delivered. Despite this, the speech whilst short in length and short on festive
cheer covered many measures and proposals. In particular income tax allowances
and national insurance rates and limits for 2004/05 were confirmed. We are
pleased to report that the personal allowance has not been frozen for the
second year in a row and that rates of Class 1 and 4 national insurance
contributions have been held at their 2003/04 levels. A whole host of other
areas warranted mention in the speech including the taxation of pensions,
improvements to the Venture Capital Trust and Enterprise Investment Schemes,
Research and Development tax relief, environmental measures and the normal raft
of anti-avoidance measures many of them involving trusts.
The key
points are included in this summary.
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+ Introduction
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Personal Tax
+ NI Contributions
+ Business/Corporation Tax
+ Trusts
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VAT
+ Environmental Measures
+ Miscellaneous
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