The Budget was great political knock-about and quite cleverly crafted for the financial markets (within the limits of pre-election feasibility).
But in content it was a bit of a damp squib — giving back a net £560m of the net £8.5bn tax hikes over the next three years announced in the PBR.
Modest tax increases will fund equally modest giveaways notably the key announcement of a one-off £2.5bn 'small business' package.
Micro measures invite micro (and arguably churlish) criticisms. The 'Time To Pay' scheme has been phenomenally successful at the height of the recession deferring £5bn of tax for 160 000 businesses employing 1.4 million people. Extending it is welcome — but should it be for the whole of the next Parliament?
Over time the banks will exploit its availibility to pass credit risk to the general taxpayer ...
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Home >Articles > Budget comment: on business taxes
Budget comment: on business taxes
John Cullinane on business taxes
The Budget was great political knock-about and quite cleverly crafted for the financial markets (within the limits of pre-election feasibility).
But in content it was a bit of a damp squib — giving back a net £560m of the net £8.5bn tax hikes over the next three years announced in the PBR.
Modest tax increases will fund equally modest giveaways notably the key announcement of a one-off £2.5bn 'small business' package.
Micro measures invite micro (and arguably churlish) criticisms. The 'Time To Pay' scheme has been phenomenally successful at the height of the recession deferring £5bn of tax for 160 000 businesses employing 1.4 million people. Extending it is welcome — but should it be for the whole of the next Parliament?
Over time the banks will exploit its availibility to pass credit risk to the general taxpayer ...
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