2004 Pre-Budget Report

[John]

The Chancellor of the Exchequer today gave his pre-Budget Report and when he sat down a huge number of documents were published.

These include Income Tax Allowances, National Insurance Contributions, Child and Working Tax Credit Rates 2005-2006 and Fuel Duties

Lots of detail in that including, for example, the income tax Personal Allowance increasing from £4745 to £4895.

[hk_007]

The only major advantage of the new budget scheme is for those with children, but, for those on WP/HSMP (with no recourse to public funds) there is no benefit even though they pay income tax and make NI contribution like everyone else.

The increase in personal allowance was as expected - to keep just in line with increase in inflation. Nothing much there either for WP/HSMP folks.