The first Budget of a new Government is normally an interesting one from a tax policy perspective. In July 1997 the Budget set out the key principles of Labour’s approach to tax policy which drove their fundamental reforms over the next 13 years. In that Budget the Red Book stated that: ‘Taxation is not wholly neutral in the way it raises revenue … how and what is taxed sends clear signals about the economic activities which governments believe should be encouraged and discouraged and the values they wish to entrench in society.’
This was accompanied with further policy statements in relation to the use of taxation for environmental purposes again setting the stage for significant future reforms such as the Climate Change Levy.
This time the Budget was preceded by a commitment to ‘create the most competitive...
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The first Budget of a new Government is normally an interesting one from a tax policy perspective. In July 1997 the Budget set out the key principles of Labour’s approach to tax policy which drove their fundamental reforms over the next 13 years. In that Budget the Red Book stated that: ‘Taxation is not wholly neutral in the way it raises revenue … how and what is taxed sends clear signals about the economic activities which governments believe should be encouraged and discouraged and the values they wish to entrench in society.’
This was accompanied with further policy statements in relation to the use of taxation for environmental purposes again setting the stage for significant future reforms such as the Climate Change Levy.
This time the Budget was preceded by a commitment to ‘create the most competitive...
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:
