A Budget that means business (TT May04 p15-17)

As Chancellor, Gordon Brown has often stated that he wants to create a more entrepreneurial culture, in particular by implementing changes to the tax system. However, every tax change creates the opportunity for tax planning, or tax avoidance, depending on your point of view. Much of the Budget was taken up with countering tax planning. Along the way, there were some worthwhile modernisation changes announced, as we will explain in this article.