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In his pre-election Budget, the Chancellor
Gordon Brown announced a range of new measures and confirmed a number of
changes announced in recent months. As usual, there were many more
announcements in the various Budget papers and press releases than in the
speech itself.
The individual savings account (ISA) limits
will be extended to April 2010. The capital gains tax annual exemption for
2005/06 will be £8,500. The inheritance tax nil rate band will be
£275,000 for 2005/06 and will rise to £285,000 in 2006/07 and to
£300,000 in 2007/08. From 17 March 2005, the zero rate threshold for
stamp duty land tax will increase to £120,000 for residential property
transactions and the relief for commercial property in disadvantaged areas will
cease. Various measures were announced to tackle tax avoidance, with particular
focus on stamp duty land tax and assets owned by non-UK domiciled people living
here.
The summary has been prepared very rapidly and
may contain errors for which we cannot be held responsible. The proposals are
in any event subject to amendment before the Finance Act is passed. Advice
should be taken before any action. |
