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

Business Tax

Capital allowances

Small businesses which buy "information and communication technologies" (covering most computer-related hardware and software, and also some mobile phones) have enjoyed a 100% deduction for the cost since 1 April 2000. This was due to end on 31 March 2003, but has now been extended for another year.

Tax Trap

Don't assume the 100% relief will always be there - watch out next year.

Any business can claim a 100% allowance for plant and machinery which is within certain approved "green" categories. This year a number of water-saving technologies have been added to the list, including leak detectors and efficient taps. The equipment still has to be "used in the business" to qualify, rather than merely being part of the business premises.

Urban Regeneration Companies (URCs)

To encourage contributions by businesses to new URCs, such contributions will be deductible as trading expenses for the payer.

Lloyd's Underwriters

The Lloyd's insurance market is undergoing a programme of reforms, which includes moving individual underwriters from unlimited to limited liability. The Inland Revenue is reviewing the tax treatment of this change, and will bring forward measures next year to remove a number of potential tax disadvantages which might arise on the change of status.

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