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The Chancellor of the Exchequer’s fourth Budget, held on 20 March 2012, continued the prevailing taxation themes in recent Budgets of balancing between stimulus and business incentives on the one hand, and anti-avoidance initiatives on the other. However, perhaps more than recent Budgets, the balance this time seemed materially weighted towards anti-avoidance legislation and initiatives, with the stimulus package being quite narrowly focused towards the UK fund management industry. Allied with the sombre tone of the prevailing macro-economic news (including a revision of UK GDP growth down to 0.6 per cent. for 2013), the focus on counteracting tax avoidance and numerous damning comments from the Chancellor on tax avoiders and abusers contributed to a Budget which was devoid of much sunlight. In short, a Budget to match the notoriously gloomy UK weather experienced so far in 2013