Pre-Budget Report

by Arthur Childs, Chartered Financial Planner

The Pre-Budget Report and the outcome of the Comprehensive Spending Review, 'Meeting the aspirations of the British people' was published on 9 October 2007 by the Chancellor Alistair Darling.

The following is a summary of the items in the Pre Budget Report that are most likely to affect an individual's financial planning. Further information, including our comments on the proposals, will be found by following the links to our website.

Inheritance Tax - The inheritance tax allowance will be transferable between spouses or between civil partners. This will enable all married couples and civil partners automatically to benefit from double the tax-free allowance ..... further information

Capital Gains Tax - For disposals on or after 6 April 2008 there will be a single rate of capital gains tax of 18 per cent ..... further information

State Pensions - The State Second Pension flat rate will be brought forward to 2009 from 2010 ..... further information

Pensioner Credit - The Pension Credit standard minimum guarantee to £124 for single pensioners and £189 for couples in 2008/09 ..... further information

Non Domiciles - UK residents who are non-domiciled will now also have to pay an annual charge of £30,000 ..... further information

Please note that this information does not constitute personal advice and should not be treated as a substitute for specific advice based on your circumstances.  If you have a particular query concerning your investment, pension or estate planning, please ask your usual Arch adviser, telephone 0845 3700 661 or email enquiries@arch-fp.co.uk.

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