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Taxation's Christmas games compendium has been a great success; clearly our readers had nothing better to do over the festive period. And – hey! – the New Year should be even clearer for tax-related play.
No?
Nevertheless, the wordsearch competition is still open to anyone who fancies their chances at winning a bottle of vintage bubbly. The solution will be revealed after the closing date of 14 January.
There's no prize attached to the Budget Bonanza – which invites you to match the phrase to the Chancellor and the date of his speech – so here below are the answers right now. If you like, you can let us know how you got on.
While you're at it, give us your ideas for next year’s festive distractions. If we start work on them now, we might be able to turn out a video game. Imagine that!
How about a first-person shooter in which you have to blast down HMRC’s attempts to abolish equable liability? Or one in which you’re the VAT-man prowling a virtual supermarket, firing Jaffa Cakes at rogue tubes of Pringles? Or something.
Traditionalists may prefer a genteel board game for all the family - like a tax version of Monopoly: 'Community Chest: you have won an NIC holiday. Pay £100 to your accountant, who will explain the break to you.'
There'd still be a Free Parking space, but with the proviso that it's close to your workplace and therefore not a benefit in kind.
Instead of buying property and filling it with houses and hotels, players would take control of tax laws and enforce them with HMRC inspectors. But there would never be enough inspectors...
Bonanza answers
- ‘I am doubling entrepreneurs’ relief for capital gains tax.’
Darling, March 2010 - ‘For business assets held for more than two years, capital gains tax will be cut to 10%.’
Brown, April 2002 - ‘For the next two years, venture capital trusts will secure tax relief for investments of up to £200,000 a year not at the lower rate of 20p but at the higher rate of 40p.’
Brown, March 2004 - ‘I am extending the help which allows loss-making companies to reclaim losses on profits made in the last three years.’
Darling, April 2009 - ‘I commend this Budget to the House.’
(Brown, 2000, 2001, 2002, 2003, 2004, 2005, 2007; Darling, 2009, March 2010; Osborne, June 2010) - ‘When we say that we are all in this together, we mean it.’
Osborne, June 2010 - ‘And with the new 10p rate on savings, 1.5 million pensioners will, for the first time, pay tax at half the rate of the past, at 10p not 20p.’
Brown, March 2000 - ‘From today, stamp duty on shared-ownership homes will not be required until buyers own 80% of the equity in their home.’
Darling, March 2008 - ‘Prosperity for all. That is our goal.’
Osborne, June 2010 - ‘I will refocus tax incentives for venture capital, with a 30% relief for investments in venture capital trusts.’
Brown, March 2006 - ‘We intend to get all taxpayers’ money back.’
Darling, March 2010 - ‘I will replace the eight existing tax schemes for pensions with a single lifetime allowance.’
Brown, March 2004 - ‘Since we came into Government our first duty has been to secure economic stability.’
Brown, March 2004 - ‘I am also increasing the amount of investment on which tax relief is available under the Enterprise Investment Scheme from £400,000 to £500,000.’
Darling, March 2008 - ‘Starting in May, a confidential phone line will advise claimants on how to move from the hidden economy.’
Brown, March 2000 - ‘In this my eleventh Budget, my report to the country is of rising employment and rising investment.’
Brown, March 2007 - ‘The small companies tax rate will be cut yet again – cut from 20 pence to 19 pence.’
Brown, April 2002 - ‘I will provide more generous annual relief for long-life assets, raising the relief from 6% to 10%.’
Brown, March 2007 - ‘The Inland Revenue’s discussion document on residence and domicile is published today.’
Brown, April 2003 - ‘No return to boom and bust.’
Brown, March 2006 - ‘To ensure help direct for British film-makers, we will replace existing reliefs with new tax reliefs.’
Brown, March 2005 - ‘I have always said that our prudence was for a purpose.’
Brown, April 2002 - ‘We are ready to sign tax information exchange agreements with ... Dominica, Grenada and Belize.’
Darling, March 2010 - ‘I can abolish the tax paid by millions of bingo players.’
Brown, April 2002 - ‘I will restrict pension tax relief for those with incomes over £150,000.’
Darling, April 2009 - ‘I will exempt more estates from inheritance tax. I will raise the starting point for tax from just over £260,000 to – from April 6th – £275,000.’
Brown, March 2005 - ‘We will not return to boom and bust.’
Brown, March 2001 - ‘The one penny increase in the main rate of NICs will not affect anyone earning under £20,000 a year.’
Darling, March 2010 - ‘I will from next April cut the basic rate of income tax from 22p down to 20p. The lowest basic rate for 75 years.’
Brown, March 2007 - ‘To create a truly family friendly tax system we must integrate tax and benefits.’
Brown, April 2002 - ‘We’ve been tough but we’ve also been fair.’
Osborne, June 2010 - ‘We are raising the personal tax allowance from £4,895 to £5,035.’
Brown, March 2006 - ‘For all small and medium-sized businesses the 40% capital allowances – which I introduced in my 1997 Budget – will be made permanent.’
Brown, March 2000 - ‘Our prudence is for a purpose.’
Brown, March 2004 - ‘A total of more than three million businesses will now also qualify for 100% allowances for investment in I.T. which I am today extending for one further year.’
Brown, April 2003 - ‘Fairness and opportunity for everyone in Britain.’
Darling, April 2008 - ‘I am happy to be able to abolish this new duty before it is even introduced.’
Osborne, June 2010 - ‘From tomorrow, firms with turnovers of £56,000 or less will not have to register for or pay VAT – the most generous VAT threshold in Europe.’
Brown, April 2003 - ‘Last year I cut the long-term capital gains rate for business assets from 40 pence to 10 pence. I can now go further.’
Brown, March 2001 - ‘We reduce the incentive to convert income to capital gains.’
- Osborne, June 2010
- ‘And I commend it to the House.’
Brown, March 2006; Darling, March 2008
