For ten years Gordon Brown has delivered the annual Budget speech - now at last he was able to sit and listen.  Alistair Darling has not had an easy start to his new career; there were calls for his head over the Northern Rock affair when the ink was hardly dry on his new job title, and the changes to Capital Gains Tax he announced last October attracted much criticism that extra tax reliefs had to be introduced.  When he came to write the Budget he would have found several pages of "things to do" left over when Mr Brown moved next door, some of the changes coming in April 2008 were announced in March 2007.

So, could Mr Darling make his first Budget a success, economicaly and politically?

As usual, the speech itself did not tell the full story.  In 50 minutes at the despatch box, Mr Darling hardly mentioned tax at all.  The important details are hidden away in the 107 press releases issued by HM Revenue & Customs after the Chancellor sat down.  Below and  in the report summaries the main changes and outlines their likely effect on the average taxpayer.  Do please contact us for specific advice about how these announcements might affect you or your business.

Summary

Significant points:

• As announced last year, income tax basic rate cut to 20% and 10% starting rate restricted to savings income.
• Rules to prevent income shifting between married couples and civil partners deferred until 2009.
• Changes to rules for counting days in determining UK residence.
• £30,000 charge for using "remittance basis" confirmed for foreign domiciled long-term UK residents.
• Increases in tax charges for employees with company cars and free fuel to use in them.
• Fundamental reform of Capital Gains Tax confirmed - no closure of last-minute tax planning before 5 April.
• Nil rate band for Inheritance Tax transferable between married couples and civil partners where second dies on or after 9 October 2007.
• Changes to rates of capital allowances for plant and buildings from April 2008.
  
  Click here to read the full report
  
  Non-Domiciled Taxpayers Consultation Document
  
  The Treasury has just published a "consultation document" which has clarified some of the matters referred to in the Chancellors pre-Budget accouncement related to the taxation of persons not domiciled or not ordinarily resident in the UK.
  
  Read how these changes will affect you
  
  Andy Grout new Chairman of MGI Association
  
  We are delighted to announce that Andy Grout is the new Chairman of the MGI Association.  Andy has been actively involved with MGI for many years in the UK and internationally and is looking forward to helping the association move forward at a particularly exciting time.
  
  Click here to read the full press release
  
  Alumni Reunion
  
  The London office hosted our first Alumni Reunion.  The evening was a great success and a good time was had by those who attended.  If you would like to see pictures from the night and to find out how to join our alumni programme to ensure you get invited to future event and receive news updates.  Click below.
  
  Alumni pictures and how to stay in touch
  
  Autumn Budget
  
  Alistair Darling, the Chancellor, delivered his first Pre-Budget Report on Tuesday 9th october 2007.  We have analysed what the changes will mean for you.
  
  Click here to download our Autumn Budget 2007 report
  
  Newsletter: Autumn 2007
  
  In Brief is published twice a year to advise you on the latest tax and financial news and provide an update on general business developments. Our Autumn issue covers:
• Value Added Tax and Overseas Film Acting
• Arctic Systems Ltd - A Pyrrhic Victory for the Taxpayer?
• Private Residence Exemption
• Inheritance Tax Planning for the Family Home
• H M Revenue & Customs Interest Rates
• Offshore Disclosure Facility
• The Companies Act 2006