SPRING BUDGET 2003
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 and further information
AUTHORISED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES TO CARRY ON INVESTMENT BUSINESS