Budget 2008

Budget may have underestimated risk to economy

Alistair Darling may have underestimated the risks facing the UK’s economy in his 2008 Budget, a report by the Treasury Select Committee has warned.

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Money worries haunt consumers

The rising cost of living and global financial turmoil have hit consumer confidence hard with 30% fearing they won’t be able to cope financially for much longer.

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Cut your tax bill with charitable giving

Alistair Darling’s 2008  Budget gave a boost to charities following fears the introduction of a lower income tax rate this April would cost them £90 million a year.

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Darling scraps VAT on venture capital trusts

Management fees on venture capital trusts and investment trusts will be exempt from VAT, Alistair Darling’s Budget has confirmed.

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Council tax rates to increase by over 5%

Council tax bills are likely to increase by 5.1% in 2008/09 despite the government urging councils to keep increases substantially below this level.

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Government does u-turn on trust tax

The Budget wouldn’t be the Budget without at least one u-turn by the government, and this year’s was no exception.

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Tax-free pension loophole closed

The Budget has confirmed that the Revenue has closed a loophole which allowed pension funds to be passed on tax-free at death

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New tax-break on small pensions

Retirees with very small amounts of money in occupational pension schemes will be able to take out up to £2,000 tax-free under new rules announced in today’s Budget.

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Darling fails to take action over slowing housing market

Alistair Darling’s Budget has failed to offer any immediate support to struggling home owners or first-time buyers despite the faltering property market and threat of negative equity.

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UK growth forecast cut

The UK economy is set to grow at a slower rate than previously expected this year, Alistair Darling said in his Budget speech.

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