Gordon Brown side-stepped most of the controversial issues to concentrate on pre-Election giveaways and once again focused on the parental vote with some ‘early years’ investment. Here’s our “at-a-glance” summary of the Budget Report compiled in conjuction with sister sites TrainingZone and AccountingWeb.
Click on the links below to jump down to specific measures in the Chancellor’s Budget statement, and click the headlines for more detailed articles:
- GB economy on a roll – says GB
- Small business compliance: New targets set
- Anti-avoidance disclosure rules widened
- Small business tax: consultation continues
- VAT anti-avoidance measures announced
- Targeted VAT reliefs for charities
- Budget VAT miscellany
- Personal allowances confirmed as child credits rise
- Prudent Chancellor turns ‘family friendly’ with CTC
- Stamp duty threshold doubled – but no REITs
- Budget’s Skills Package
- Brown’s Plans to Get Claimants Back to Work
- Brown touts employment record
- The Chancellor re-emphasised his green credentials
GB economy on a roll – says GB
“Long-term stability” and “locked-in prosperity” are the key to economic success, Chancellor Gordon Brown told the House of Commons – and the nation – today, saying that his Golden Rule was being met.
Small business compliance: New targets set
The Treasury has set “stretching new targets” to reduce the administrative burden of the tax system for small businesses, including cutting the tax return for 500,000 of the smallest businesses and rolling out options for paying and managing VAT online.
Anti-avoidance disclosure rules widened
As expected, the Treasury has announced a range of measures tackle tax avoidance.
Small business tax: consultation continues
The Treasury has set a time limit for responses to the December 2004 discussion paper on taxation of small businesses, and signalled possible measures to clarify the distinction between employment and self-employment in the construction industry.
VAT anti-avoidance measures announced
The Budget small print contains several anti-avoidance measures.
Targeted VAT reliefs for charities
Charities were generally ignored once again by the Chancellor as far as VAT reliefs were concerned. There were, however, two specific measures, which will give substantial VAT savings to certain organisations.
Budget VAT miscellany
VAT-registered users of natural gas and electricity supplied from outside the UK were affected by changes to the place of supply rules for natural gas and electricity introduced from 1 January 2005.
Personal allowances confirmed as child credits rise
In his Budget speech, Chancellor Gordon Brown confirmed the rates he indexed increases for personal income tax allowances announced in December’s Pre-Budget Report.
Prudent Chancellor turns ‘family friendly’ with CTC
Vowing to give ‘Every child the best possible chance in life’ Brown produced some sugar-coated offerings in the form of Child Tax Credits and Child Benefits.
Stamp duty threshold doubled – but no REITs
The property and construction industries should prosper in the wake of the 2005 Budget, but they will have to wait until 2006 for the introduction of real estate investment trusts (REITs).
Budget’s Skills Package
Chancellor Gordon Brown unveiled a range of measures aimed at boosting Britain’s skills.
Brown’s Plans to Get Claimants Back to Work
With a long-term target of getting 80% of the eligible population into work, Gordon Brown revealed new measures to get lone parents and those claiming incapacity benefit back in employment.
Brown touts employment record
Delivering his spring Budget, Chancellor Gordon Brown was proud to play the ‘employment record’ card in a sign that electioneering is well under-way.
The Chancellor re-emphasised his green credentials
The Chancellor re-emphasised his green credentials in the Budget Report by announcing plans to maintain the UK’s economic prosperity while ensuring a better quality of life for the current and future generations.
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A full copy of Gordon Brown’s speech can be read by clicking here.
