Monthly Newsletter

The Finance Bill 2008, which enacts many of the measures announced by Chancellor of the Exchequer Alistair Darling in the budget earlier this month, was published on Thursday.

"Today's Finance bill furthers the progress this Government has made in building a stable, competitive economy that supports a high level of enterprise and growth," commented Financial Secretary to the Treasury, Jane Kennedy, on the publication of the bill.

"Measures in this bill will contribute to a more sustainable future, and continue to support our goals of fairness and opportunity for all," she added.

Lobby Notes, also published on March 27th, briefly describe the clauses and schedules in the bill, and have been placed on the HM Treasury website.

Further details on the bill will be published on the Treasury and Revenue & Customs websites as it progresses through parliament.

The 2008 Budget, announced by Darling on March 12th, contained few changes to taxation that hadn't already been made public, including the 2% cut in corporate tax, announced in the 2007 Budget, and further changes to the capital gains regime announced in last year's pre-Budget report, with the addition of a new 'entrepreneurs' relief'.

The government also intends to forge ahead with its controversial plans to charge long-term non-domiciles, and to deal with the issue of 'income shifting' in family-run companies.