A note of the main Budget 2005 proposals affecting property.

NOTE ADDED: The Finance Bill received Royal Assent on 7 April 2005. For more information on the Finance Act 2005, see Legal update Royal Assent for Finance Act 2005 and the Commissioners for Revenue and Customs Act 2005.The Finance (No. 2) Act 2005 received Royal Assent on 20 July 2005. It contained those parts of the first finance bill that were not included in the Finance Act 2005 because of the lack of time before the general election in May 2005. The Finance (No.2) Act 2005 largely contains anti-avoidance provisions. For more information see Legal update Finance (No. 2) Act 2005: Royal Assent given.