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Budget 2008

The Tax Journal brings you extracts from Ernst & Young's 2008 Budget Alert. Ernst & Young's comments are in black italics at the end of each section
This was Alistair Darling's first Budget. In many respects however he has not had the free hand that he might have liked for it was his predecessor one Gordon Brown who in his eleventh and final Budget last year introduced a number of measures effective from April this year. These included the reduction in the basic rate of income tax and the raising of the National Insurance thresholds the changes in the rates of corporation tax the phased abolition of industrial buildings allowances and agricultural buildings allowances and the introduction of the annual investment allowance for the first £50 000...

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