Budget 2005


Personal Income Tax

Tax Credits

National Insurance Contributions





Capital Gains Tax

Stamp Duty Land Tax

Inheritance Tax

Corporation Tax

Business Tax

Value Added Tax

Other Measures

Tax Tables

National Insurance


Business Tax

Film relief

Accelerated tax relief is available for the capital costs of producing or acquiring a low-budget (below £15m) British film. The current scheme of relief was due to expire on 1 July 2005, but it has been extended in the Budget to 31 March 2006 (with the possibility of a later date being substituted after European clearance has been obtained for 'state aid' for the film industry). The relief will be available where the first day of principal photography is before 1 April 2006 and the film is completed before 1 January 2007.

On the other hand, the Revenue are clamping down on a number of tax avoidance schemes which exploited this relief - in their opinion unfairly - from 2 December 2004.

Disadvantaged areas

It is intended to bring in a new relief for the costs of renovating business property which has been empty for a year in designated 'disadvantaged areas' . This requires European approval for 'state aid' to the industries affected, and will not be introduced until that approval is obtained. The capital costs of such renovations would normally not be relieved immediately, but the intention is that a 100% capital allowance should be available. This new relief will to some extent offset the withdrawal of the SDLT exemption for acquisition of property in disadvantaged areas.


The 2004 Budget introduced a relief for income tax-paying landlords who carry out works to improve the energy-efficiency of rental properties. Up to £1,500 can be relieved per property, if spent before 6 April 2009. The rules are amended from 7 April 2005 to allow solid wall insulation as well as loft insulation and cavity wall insulation.

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