What's Going On In ...: United Kingdom: 2007 Pre-Budget Report

UK Chancellor of the Exchequer Alistair Darling presented his first Pre-Budget Report on 9 October 2007. As it contains proposals for fundamental tax changes, there will likely be amendments prior to the actual Budget in March 2008, due to lobbying or consideration of the practicalities of implementation. This note explains what is originally proposed for capital gains tax, inheritance tax and domicile and residence, the three significant areas of change.