UK Budget, March 21 2007 - Personal finance
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Brown gives and takes on road to No 10
Gordon Brown bowed out from a decade at the Treasury with a headline-seeking Budget which cut the basic rates of income and corporation tax – but clawed back every penny with a string of revenue-raising measures.
Tax bands turn out to be elastic
The split between winners and losers appears even more confused than usual given the complicated package of changes to income tax and National Insurance announced by Gordon Brown.
‘Harmonisation’ with NI rate less than tuneful
Gordon Brown saved the best for last in his swansong Budget to create what the Treasury is calling a simpler structure of tax.
Little change in back pockets
Gains from the reduction in the basic rate to 20 per cent will be offset by the abolition of the 10 per cent lower rate band, though the top-rate threshold will rise.
Sunnier outlook for holiday home taxpayers
People who have bought overseas holiday homes through companies will enjoy lower income tax charges following changes flagged in the Budget
Drivers of ‘gas guzzling’ vehicles face tax increase
Drivers of ‘gas guzzling’ vehicles bore the brunt of a green-tinged package of road tax and fuel duty rises that will see the Treasury pocket a billion pounds in revenue.
Industry views raised limit as too small
The chancellor gave a modest boost to savers by only raising the total annual limit for individual savings accounts by a small amount, from £7,000 to £7,200
