**Stop press** On 13 May, Chancellor Alistair Darling announced details of the compensation for people affected by the abolition of the 10% tax rate.**

The Chancellor delivered his Budget speech on 12th March 2008.
 
Businesses will see their tax bills increase by approximately £2 billion from April 2008. This combines the effects of Budget 2007 and the current Budget. By contrast, individuals will see their tax bills cut by around £2 billion in total. The overall fiscal effect of the budget measures is small - the net impact is around £140 million which is low in the context of a £500 billion tax and spending budget.

The Finance Bill was published on 27 March and comprises two large volumes. The text of the Bill is available on the Parliament website.

The Bill will now be debated in Parliament. Some parts are debated in the House of Commons, but the majority of the Bill is discussed in the Finance Bill Standing Committee. It is likely that amendments and additions will be made to the Bill as it progresses and it is expected that the Bill will be finalised by the first week of July. It will then go to the House of Lords, who are not empowered to alter the Bill. Finally, it will be given Royal Assent and thus become law. This is expected in the second or third weeks of July. Some measures will take effect from Royal Assent; others will apply from Budget Day or other dates of announcement.


What do the measures mean for you?
Business | Individuals | Indirect tax

Summaries of measures
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