PBR 2007: the reactions

Unsurprisingly the Government's latest Pre-Budget Report sparked a broad variety of responses from a wide range of tax professionals and political figures.

The chairman of the CIOT's corporate taxes sub-committee John Cullinane welcomed the 'continued commitment to simplification by the Chancellor… [who] has been given real authority by the prime minister contrary to the expectations of many'.

But Mark Schofield tax partner at PricewaterhouseCoopers believed this year's PBR was 'a relatively quiet statement' — at least from the perspective of corporate tax.

And the Low Incomes Tax Reform Group claimed Alistair Darling's report was 'cautious' and 'failed to redress the blow to low-income taxpayers delivered by his predecessor'.

Among several significant reforms announced by Mr Darling changes to capital gains tax were the major eye-opener for many.

'The abolition of taper relief and the introduction of a flat rate of 18% was...