Entrants will have to predict what Gordon Brown is going to do on Budget Day, 21 March, and what they would do if they were the Chancellor.
Last year sixth form students proposed taxes on chewing gum and higher rates of child benefit for parents of twins and triplets.
The CIOT is working in partnership with Toshiba and Bournemouth University to run the competition that has invited all schools and colleges to enter.
Angharad Miller, lecturer at Bournemouth, said: ?Originality, reasoning and awareness of the impact of their suggestions are the key criteria sought by the judging panel ? as well as some fun!?
The closing date for entries is 14 March. Last year there were almost 600 fantasy budgets entered.
For more information call Angharad Miller on 01202 595204.
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