Budget

As predicted, following a decision of the House of Lords in October, the chancellor announced a six year time limitation period for the recovery of direct tax paid by mistake of law.

Gordon Brown attempted to cement his green credentials in his tenth and almost certainly last pre-budget report on Wednesday by announcing a series of measures aimed at benefiting the environment.

As expected, a number of Stamp Duty Land Tax saving schemes were blocked with effect from the PBR statement on 6 December.

The pre-Budget report included a new targeted anti-avoidance rule (TAAR), effective today, to ensure that allowable capital losses are restricted to genuine commercial transactions.

The Treasury announced as part of the pre-budget report that changes had been made to the tax rules governing controlled foreign companies (CFCs).

The rules on alternatively secured pensions (ASPs) are to be tightened from 6 April 2007.

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Former HMRC chairman Sir David Varney is spearheading an efficiency drive designed to save the government £26 billion a year by 2011.

The PBR is not normally the place to announce any major VAT changes and this year was no exception.

Chancellor Gordon Brown has delivered his pre-budget report in the House of Commons.

Main points

10th consecutive year of economic growth

Former CBI director-general Sir Digby Jones is the man with tasked with warning employers that they are in the "last chance saloon" when it comes to boosting staff skills.

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