Budget 2003

Personal Income Tax
National Insurance 2003/04
Capitals Gains Tax
Stamp Duty
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance

Budget Summary Introduction

Gordon Brown's 2003 Budget was delayed from its usual March slot to April, probably because of the war in Iraq. The waiting fed speculation that some big surprise was being prepared, or that further tax increases would have to be included to pay for the war.

In the event, there were no such shocks. The Chancellor's tax-raising measures announced last year (and not mentioned again) seem to be enough for his current needs, provided the economy performs according to his forecasts.

In fact, the speech hardly mentioned tax at all. There was plenty about spending money, but little about raising it, The details have to be gleaned from the stack of Revenue and Customs Press Releases which are published when the Chancellor sits down. This booklet sets out the main changes which may affect taxpaying individuals and businesses.

Significant Points

* As announced last year, income tax ratees and main allowances frozen, and NIC rates increased by 1% for employees, employers and self-employed

* As announced last year, introduction of new Working Tax Credit and Child Tax Credit from 6 April 2003, and new Pension Credit from October

* No significant changes to inheritance tax or to pension schemes

* Introduction of Child Trust Fund - £250 from the Government for every child at birth, to spend at age 18

* Small increases in 10% and 22% income tax bands

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