Another major change proposed by Alistair Darling in his first pre-budget report in October 2007 was to introduce a flat rate of 18% for Capital Gains Tax (CGT). On 24 January 2008 the Chancellor confirmed the proposals of his pre-budget report and the only concession he made following considerable lobbying on behalf of small businesses was that there would be a new 'Entrepreneurs Relief' on the first £1m of gains realised by some entrepreneurs. Read

Following the publishing of the draft legislation, it was widely seen by professionals as considerably more far reaching in nature than had initially been expected. During the consultation period, HM Revenue & Customs (HMRC) have received responses (including from this firm) on the difficulties with their proposals particularly in the trust area. Read

By now, you will have read our special publication - Taxation of UK Non-Domiciled Individuals. The consultation period draws to a close and we await Mr Darling delivering the Budget to the House of Commons on 12 March 2008. Read

On 18 January HM Treasury released the draft legislation heralded by the Chancellor of the Exchequer in his Pre-Budget Report of 7 October 2007 as it relates to residence and to non-domiciled individuals. Read