Budget Guide The Treasury is legally bound to present two economic forecasts per year. Since May 1997, under the new government, the Chancellor presents a Budget in the Spring and a Pre-Budget Report in the Autumn. Budget speech The Budget speech normally starts around 3.30pm, and can last from half an hour to a couple of hours. As soon as the Chancellor has returned to his seat, information is made available to Members of Parliament, the public and the press. Details of the Budget are contained in press notices. Budget resolutions The majority of taxes (including all indirect taxes, petroleum revenue tax and taxes on capital) are 'permanent'. Income tax, corporation tax and advanced corporation tax are annual taxes, having to be renewed each year. This gives the House of Commons the opportunity to review the imposition of these taxes. The reimposition of annual taxes are legislated in the annual Finance Bill. This will also include any other tax changes announced in the Budget. The Finance Bill will normally be published in early January, considered by Parliament in the Spring, with Royal Assent being given at the beginning of May. Unlike other legislation, measures announced in the Budget may take effect before the Finance Bill is enacted. But all changes that are to be enacted in the Finance Bill have to be covered by resolutions. Some changes need specific resolutions. Others can be covered by more general resolutions known as the 'Amendment Law Resolution' or the 'Incidental Charges Resolution'. The main resolutions are temporary. The changes are nullified if the Finance Bill does not receive a second reading within 30 sitting days of the Resolutions being passed, or if the Bill does not receive Assent within a certain period. The deadline for Royal Assent to the Finance Act is 5 May for an Autumn Budget. Budget announcements A report of previous Budget announcements can be viewed at the HM Treasury Web site. Click here for more tax information from Digita