Welcome to the 2007 Pre-Budget Report Newsletter from Connolly Accountants Ltd

Chancellor Alistair Darling has presented his first Pre-Budget Report to the House of Commons.

He received a lively reception upon delivering his statement, with opposing political parties quick to express their objections to the Chancellor’s proposals.

Mr Darling acknowledged the turbulence of the global economy, although he emphasised that Britain could recover from the recent credit crisis.

The Chancellor outlined measures to simplify the business tax regime and put forward proposals to grant local authorities the power to impose supplementary business rates. The capital gains tax system will be subject to review and current 'loopholes' for non-domiciled taxpayers will also be examined.

Darling also unveiled plans to increase the inheritance tax threshold to £600,000 for married couples, civil partners, widows and widowers, a proposal that sparked fierce opposition from Shadow Chancellor George Osbourne.

Other significant announcements include increased investment in health, education, transport, and security and defence.  A new aviation tax will also be introduced from 2009, which will tax individual flights rather than passengers.

Click here for a detailed overview of the Pre-Budget Report and what it means for you and your business.


ESSENTIAL TAX DATES AND DEADLINES

Click here for key tax deadlines for the coming month.


QUOTE OF THE DAY

‘We are determined to hold firm to our economic framework that has proved resilient over the past ten years, and which we can be confident will do so now and in the future’ – Alistair Darling, delivering his first Pre-Budget Report speech as Chancellor of the Exchequer

‘We have a new Chancellor but the same old story with regard to the public finances – greater borrowing in the short-term and tax revenue projections which yet again look too optimistic’ – Miles Templeman, Director General of the Institute of Directors, commenting on Darling’s Pre-Budget statement


WEBSITE OF THE MONTH

Government News Network

The latest Government information and press releases


ON OUR WEBSITE

Business advice at your fingertips
For a range of information on key issues affecting your business, visit our business guides.

Tax-saving strategies
And for the latest tax-saving tips and strategies, visit our 2007/08 Tax Strategies guide.

The Pre-Budget Report and your business
Alistair Darling has delivered his first Pre-Budget Report, alongside the Comprehensive Spending Review, to the House of Commons. 
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2007 Pre-Budget Report: the business reaction
Following Alistair Darling’s first Pre-Budget Report and Comprehensive Spending Review, business groups have given mixed reactions to the Chancellor’s statement.
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2007 Pre-Budget Report: the political reaction
Political opposition parties have given their reactions to the 2007 Pre-Budget Report.
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Darling pledges to maintain ‘economic stability’
In delivering his first Pre-Budget Report and Comprehensive Spending Review to the House of Commons, Chancellor Alistair Darling described the current climate as one of ‘increased economic uncertainty’ with ‘turbulence in America, Asia and Europe’.
Click here for the full story