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A summary of the
Chancellor's statement
on Tuesday 21 March 2000

Our Budget booklet summarises the main proposals on taxation outlined by the Chancellor of the Exchequer in his Budget Statement of 21 March 2000 and in certain other announcements.

We have prepared this account especially for our clients.

We outline the issues that will affect you, your family and your business and include informative comments to show you the likely effect and significance of the proposed measures.

This booklet is prepared to help you identify areas where the Budget proposals may affect you. Please contact us for advice or to discuss any action you may need to take.
Main Budget Proposals

Maximum ISA subscription left at £7,000 for 2000/01

Effective rate of CGT on business assets reduced to 10% after four years

Definition of business assets widened for CGT

Further anti-avoidance measures relating to CGT and the use of trusts

Substantial increase in car fuel scale charges

Further detail re taxation of company cars from April 2002

First year allowances (FYA) on plant and machinery fixed at 40% for small and medium-sized businesses

100% FYA for computers etc for small businesses for three years

Significant changes to the taxation of groups of companies
Contents

Income tax

Employment issues

Corporate & business tax

Capital gains tax

Excise & other duties

Value added tax & miscellaneous matters
The Budget proposals may be subject to amendment in the Finance Bill which is expected to be published in April and receive Royal Assent during the summer. Clients are therefore advised to consult us before taking any action as a result of the content of this booklet.