Miscellaneous

Developing skills in the UK workforce

New measures were announced which are designed to improve the skills of the UK workforce and help ensure that UK employers can recruit staff with the skills they need. The measures include:

• setting a new target to increase post-16 participation in education and training. By 2010, 90% of all 22 year olds will have taken part in a full-time programme
• a new National Modern Apprenticeship Taskforce to encourage more employers to get involved in Modern Apprenticeships
• providing £130 million to enable the Employer Training Pilots to be extended for a second year, and expanded to around a quarter of local Learning and Skills Council areas.

Overseas activities

Various measures were announced.

• Modernisation of the rules relating to the taxation of foreign companies operating in the UK through branches for accounting periods starting on or after 1 January 2003.
• Developing new rules to replace the offshore funds regime likely to take effect in 2004.
• Legislation to close, for accounting periods beginning on or after 27 November 2002, a loophole in the rules for controlled foreign companies which allows some companies selling extended warranties, credit protection and similar products to escape UK tax on the profits.