Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

No tonic (Budget)

21 March 2007 / Richard Curtis
Issue: 4100 / Categories: HMRC powers
A panel of expert contributors give their first reactions to Gordon's farewell Budget speech.

The Budget appears to have been broadly neutral and our experts work their way through the smoke and mirrors to explain the main implications for owner managed businesses managed service companies personal taxes capital allowances VAT and the small practitioner.

SMOKE AND MIRRORS was how The Forum of Private Business described the Budget and you can see their point. In the context of a total expenditure of some £587 billion this year the net effect of the tax changes (after discounting some fiddling with reserves) is £125 million less tax collected next year an increase of £280 million for the year after that and an increase of £125 million for the year after that. As admittedly the Chancellor made clear at the start of his speech the Budget is broadly neutral so for example the cut of 2%...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon