Kings Chambers
197-201 Streetly Road
Birmingham B23 7AJ
Growth4Business is pleased to launch its new easier to use website.
It’s all part of our jargon free easy to use services, which really make that big, difference to you business, enjoyment, profits and future! Have a look around and tell us what you think please?
Check out our latest news below.
Welcome to our 2005 Budget Summary
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.
Main Budget proposals
Stamp duty land tax thresholds raised
Income tax and national insurance rates unchanged
Tax breaks on ISAs extended until 2010
Child Tax Credit increased
No changes to rates of corporation tax, capital gains tax, air passenger duty, insurance premium tax or climate change levy
Extension of film tax reliefs
Anti-avoidance measures
But nothing on Residence and domicile
Corporation tax reform
Previous announcements
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:
Introduction of the Child Trust Fund
The new rules on pre-owned assets
Taxation of company vans
Employer-provided childcare
Anti-avoidance relating to employee remuneration