9 March 1999 Budget
In the last Budget before the millennium, the Chancellor announced the long-expected starting rate of income tax of 10%, and the continuation of first year allowances for plant and machinery bought by small and medium-size enterprises. The starting rate of corporation tax for small companies will also fall to 10%, but not until April 2000.The Budget also outlines many proposals for the future, including further changes to national insurance contributions, the abolition of the married couple's allowance for most people and the end of MIRAS. Other proposals include an all-employee share scheme, a reform of company car taxation to protect the environment and a consultative document on charity taxation. A range of specific anti-avoidance legislation has been announced, but the government is not going ahead this year with the general anti-avoidance rule (GAAR) for corporate direct taxes.
National insurance contributions 2000/01
The summary has beeen prepared very rapidly and may contain errors for which we cannot be held responsible. The proposals are in any event subject to amendment before the Finance Act is passed.