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News - Pre-budget reportOctober 9th 2007 Chancellor of the Exchequer Alistair Darling presented the pre-budget report (PBR) and spending review to parliament this afternoon. He cut goverment growth forecasts for 2008 by half a percent to 2.0 - 2.5%, in the light of the recent slow down in the economy, although some observers think that the 2.5 - 3% still predicted for 2009 may be too optimistic. He also targeted some of the tax loopholes currently exploited by the super-rich executives of private equity firms - from next April the government will remove capital gains tax taper relief, which can be as low as 10% (when for example selling a company which has been owned for more than two years) and replace it with a flat rate of 18%. Mr. Darling announced a further review of non-doms (people who live in the UK but consider other contries as their domicile for tax purposes), but in the form of a £30,000 charge only after seven years residence in the UK. The Chancellor also took a leaf out of the conservatives book by doubling the inheritance tax threshold for married couples and those in civil partnerships to £600,000 immediately, with an additional rise to £700,000 in 2010. More good news for homeowners was his announcement of budget changes to encourage longer fixed-rate mortgages - up to 10 years. News |
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