This glossary defines all the key terms for the 2008 UK budget. The content is provided by KPMG’s tax specialists.

Alcohol and Tobacco Duties
Business Premises Renovation Allowance
Capital Allowances
Capital Gains Tax
Child Tax Credit
Child Trust Fund
Climate Change Levy
Community Investment Tax Relief
Controlled Foreign Companies
Corporation Tax
Cross-border Loss Relief
Disclosure of Tax Avoidance Schemes
Enterprise Investment Scheme
Enterprise Management Incentives
Her Majesty’s Revenue & Customs
Income Tax
Individual Savings Accounts
Income shifting
Individual Savings Accounts
Inheritance Tax and Trusts
International Financial Reporting Standards
IR 35
Managed Service Companies
National Insurance
Pension Credit
Planning Gain Supplement
Pre-owned Assets
Research and Development Tax Credits
Residence and Domicile
Saving Gateway
Stamp Duty and Stamp Duty Land Tax
Taxation of foreign income
Value Added Tax (VAT)
VAT Annual Accounting
VAT Cash Accounting
VAT Flat Rate Scheme