Budget 2006

The Chancellor of the Exchequer, Gordon Brown, delivered his tenth Budget speech on 22 March 2006.
Included in the Budget announcements were some unexpected measures including radical changes to trust taxation and a proposal to bring forward the filing date for personal tax returns. The Chancellor also announced the withdrawal of the Home Computer Initiative and confirmed the withdrawal of the zero rate of corporation tax.

There were changes to some tax incentives including an increase in the tax relief on venture capital trust investments to 30% and a doubling of the amount that can be invested in an enterprise investment scheme company each year to £400,000.

There were minor changes to tax relief for research and development expenditure.

Allowances increased generally in line with inflation.

Overall the Budget missed a significant opportunity to simplify the tax system and to provide a genuine boost to enterprise.

Click here for Tax Tables

Budget Archive