2005 PRE-BUDGET REPORT SUMMARY

• Personal tax

• Employment issues

• Corporate & Business Tax

• Capital taxes and Trusts

• Environmental Measures

• VAT, Excise & other duties

• Anti-Avoidance Measures

Environmental Measures

The Pre-Budget Report includes a number of measures to help protect the environment. These include:

• a continued freeze in main fuel duty rates and the duty rates for road fuel gases in response to the continued volatility in oil prices

• support for alternative sources of energy including further consultation on carbon capture and storage and the announcement of collaboration with Norway in this area

• measures to improve energy efficiency including funds for the Carbon Trusts to provide interest-free loans for the introduction of energy-saving measures in the business sector

• the introduction of enhanced capital allowances for the cleanest biofuel plants

• progress on taking forward the Gleneagles Plan of Action agreed by the G8 in tackling the challenge of climate change.

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Disclaimer - for information of users
This summary is published for the information of clients. It provides only an overview of the Pre-Budget Report, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this summary can be accepted by the authors or the firm.