Election kills some Budget measures

Article Abstract:

An 11-clause Finance Bill was hurried through Parliament to receive its Royal Assent before the General Election. The main income tax and inheritance tax measures of the Budget will stand but some measures will be excluded. If the Conservatives win the election they may go through. Some of the Budget measures can be enacted through Treasury orders rather than legislation.

Transfer taxes

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Lamont seeks to put Labour on defensive

Article Abstract:

The Budget's lower-rate income tax band of 20 pence was difficult for Labour to comment on immediately. After deliberation, Shadow Chancellor John Smith stated Labour would oppose this tax cut at the present time. There is much concern about public borrowing doubling. Liberal Democrat Alan Beith said the tax cut was expensive and did not solve the recovery problem.

Tax policy

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Lamont hands 1.77bn pounds sterling 'gift' to opposition

Article Abstract:

Labour and Liberal Democrat plans would be aided by the Conservatives' 20 pence tax band as they would use the money for other purposes. Labour has promised tax changes which would provide surplus funds. Both parties are committed to a higher-rate band and an adjustment in the upper earnings limit on National Insurance contributions.

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