Pre-Budget Report 2003

Wednesday 10th December 2003.

All Inland Revenue news releases and supplementary documents relating to the Pre-Budget Report can be found here.

If you missed the Chancellor's pre-Budget statement you can watch the archive broadcast on the UKonline website.

Additional publications relating to the Report will also be available from the HM Treasury Web Site.

HM Treasury have also provided a separate microsite for a Budget Summary Leaflet which highlights the key points of how the Budget will affect you.

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News Releases

Supplementary Documents

• CT Reform: The Next Steps: IR Technical Note (PDF 1,158K)

• EU Interest and Royalties Directive (PDF 365K)

• Loan relationships (amendments): draft legislation and explanatory note (PDF 140K)
  Draft legislation and explanatory note detailing amendments to the legislation in Finance Act 1996 which will assist companies in administration, administrative receivership, and liquidation; and venture capital funds investing in close companies

• Illustrative draft legislation: Corporation Tax: a new approach to the taxation of derivatives over property and shares (PDF 203K)
  An illustrative draft of legislation and supporting commentary showing how one model for the taxation of property derivatives might operate. Because the tax issues are not specific to property derivatives but exist also for equity derivatives, the model offers, for discussion purposes, a generic solution encompassing both types.

• Income tax: Meaning of UK Source for Payments of Interest and Royalties (PDF 120K)

• Simplifying the taxation of pensions: the Government’s proposals - a consultation document (PDF 422K)

• Summary of Responses to: Simplifying the taxation of pensions: increasing choice and flexibility for all, published 17 December, 2002 (PDF 139K)

• Simplifying the taxation of pensions: the Government’s proposals - a Partial Regulatory Impact Assessment. (PDF 192K)
  

• Sandler Stakeholders Medium-Term Products, Life Insurance Products and the ISA (PDF 55K)
  The article is in response to the PBR announcement that all Sandler Stakeholder medium term products and life insurance products will be brought into the stocks and shares component of ISAs from 2005.

• R&D tax credits: responses to ‘Defining Innovation’ and Government proposals (PDF 244K)

• Delivering an incentive for membership bodies to provide workforce development: a discussion paper (PDF 224K)
  Budget 2003 announced the Government's intention to review the tax treatment of fees and subscriptions to professional and other approved bodies, to establish whether the current system makes a sufficient contribution to the wider training and skills agenda. The Government published a discussion paper on these issues, Delivering an incentive for membership bodies to provide workforce development, alongside the Pre-Budget Report.

• Avoidance using exits from businesses that have accessed film tax reliefs (PDF 90K)

• Chargeable gains: restriction of gifts relief etc; private residence relief: draft legislation and explanatory notes
  • Restriction of Gifts Relief etc – Introductory Text (PDF 56K)
  • Private Residence Relief - – Introductory Text (PDF 56K)
  • Draft Legislation (PDF 111K)
  • Draft Explanatory Note - Draft Clause 1 and Schedule 1: Chargeable Gains: Restriction of Gifts Relief etc (PDF 150K)
  • Draft Explanatory Note - Draft Clause 2 and Schedule 2: Chargeable Gains: Private Residence Relief (PDF 148K)
• Trusts
  • A discussion document on modernising the tax system for trusts - Capital Gains Tax issues (PDF 87K)
  • A discussion document on modernising the tax system for trusts - definitions and tests (PDF 115K)
  • A discussion document on modernising the tax system for trusts - Income Tax issues (PDF 90K)
  • A discussion document on modernising the tax system for trusts - overview of the proposals (PDF 102K)
  • A discussion document on modernising the income and capital gains tax regime for trusts (PDF 72K)
  • Consultation document on the tax treatment of pre-owned assets (PDF 89K)