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It’s now the law Darling!


You may recollect that the Chancellor, Alistair Darling, presented his Budget on 22nd April this year. The Chancellor’s numerous budget proposals were transformed into hundreds of pages of the Finance Bill. The Bill, first issued on 30th April 2009, bounced around the Commons and House of Lords, receiving a number of amendments, before finally becoming part of UK law on 21st July 2009.

Although a number of the legal provisions came into effect on 21st July, affecting both individuals and companies from that date, numerous other provisions were backdated to the start of the tax year, financial year for companies, or even Budget Day. Keeping up to date with the changes and from when they come into effect, even when they don’t become law until a later date can be a significant task, creating tax traps for the unwary, but also tax saving opportunities that many are overlooking. We aim to rectify this by ensuring that we highlight some of the tax traps that can be costly if you are not aware of them and to give you an idea of possible tax saving opportunities in certain situations.