Chancellor Alistair Darling presented his first Pre-Budget Report on Tuesday 9 October 2007.

The speech itself may have seemed short but the detail was in the accompanying press releases and other documents. The main proposals, which included some major changes, are set out below.

The abolition of taper relief and indexation allowance for capital gains tax (CGT)

The introduction of a flat rate of CGT for individuals of 18%

A significant change in inheritance tax relief for married couples and civil partners

Non domiciles to pay an annual charge of £30,000 for their tax advantaged status

Proposals to stop the tax savings available to businesses by income shifting between family members

An increase in the car fuel scale charge

You will find more detail in the following summary. Please do get in touch if you have any questions.