Gareth Miles reviews the Budget 2011 Tax Proposals
Corporation tax rate
Any reduction in the corporation tax rate is to be welcomed particularly one with an immediate effect. This is a clear indication that the government has been listening and wants to show that Britain is ‘open for business’ (unless of course you are a bank or oil and gas company).
Bank Levy
The increase in the rate of the Bank Levy to offset the reduced corporation tax rate and ‘ensure that this is not a net tax cut for banks’ has unsurprisingly gone down like a lead balloon with the banks. This is the second announcement this year of an increase in the rate and the levy legislation hasn’t even been enacted yet! By increasing the tax burden borne by the 30–40 banks within the levy regime the Chancellor is further compounding the...
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Gareth Miles reviews the Budget 2011 Tax Proposals
Corporation tax rate
Any reduction in the corporation tax rate is to be welcomed particularly one with an immediate effect. This is a clear indication that the government has been listening and wants to show that Britain is ‘open for business’ (unless of course you are a bank or oil and gas company).
Bank Levy
The increase in the rate of the Bank Levy to offset the reduced corporation tax rate and ‘ensure that this is not a net tax cut for banks’ has unsurprisingly gone down like a lead balloon with the banks. This is the second announcement this year of an increase in the rate and the levy legislation hasn’t even been enacted yet! By increasing the tax burden borne by the 30–40 banks within the levy regime the Chancellor is further compounding the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
