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Competition: Winner receives case of champagne: 100 guessed Lamont's measures

THERE were thousands of entries in our competition to guess what the Chancellor had in his red box. And 100 readers managed to get their predictions right.

However, just one name was drawn out of the hat - Dr Ian Budden, an administrator with London University of Ealing. He will receive a case of champagne from accountants Coopers & Lybrand. The runner-up was Andrew Johnson of Glasgow. Although a non-smoker, he chose the 20 Raffles cigarettes as his prize rather than flowers.

Few people thought that personal allowances would rise by more than inflation - in fact, they were not increased at all. And most entrants judged correctly that the basic tax rate would remain at 25 per cent.

The most difficult question to judge for Moira Elms, the senior manager in the personal tax planning department of Coopers & Lybrand, was about increased relief for Lloyd's Names. The Chancellor presented a package of measures for Lloyd's Names that was tax neutral, with the relief element cancelled out by syndicate premiums being treated as trading profits.

On balance, said Ms Elms, it was decided that the answer to the question was that there was no increase in relief.