Damp squib

Let's start with the good news.

The income shifting provisions have been delayed by a year to give time for consultation.

The other two main controversial measures — residence and domicile and capital gains tax reform — still remain.

Keith Gordon and Francesca Lagerberg look at all three of these in the Related Links on this page followed by some ruminations from Rufus that you probably don't want to read while eating.

So what is left for me to comment on?

By the book

I've said before that the real story of any Budget can be found in table A1 of the Red Book the one which sets out the net financial effect of the decisions announced.

On that basis this year's Budget has almost nothing to really excite tax advisers.

The net result of the changes is a paltry £140 million reduction in taxes for...