Helen Lethaby reviews the last month's developments in tax, including key measures in the Finance Bill, the new approach to tackling tax avoidance, and recent case law
Budget and Finance Bill 2011
The big surprise in the Budget was of course the additional 1% reduction in the corporation tax rate (to 26% from 1 April 2011) as the government accelerates its efforts towards making the UK the most competitive tax regime in the G20.
However the rate reduction may be of limited usefulness to banks with significant and now devalued carried-forward losses plus the Budget also saw another rise in the bank levy to 0.078% for short-term liabilities and 0.039% for long-term equities/liabilities.
There was also bad news for the oil and gas sector which faces a rise in the supplementary charge from 20% to 32%...
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Helen Lethaby reviews the last month's developments in tax, including key measures in the Finance Bill, the new approach to tackling tax avoidance, and recent case law
Budget and Finance Bill 2011
The big surprise in the Budget was of course the additional 1% reduction in the corporation tax rate (to 26% from 1 April 2011) as the government accelerates its efforts towards making the UK the most competitive tax regime in the G20.
However the rate reduction may be of limited usefulness to banks with significant and now devalued carried-forward losses plus the Budget also saw another rise in the bank levy to 0.078% for short-term liabilities and 0.039% for long-term equities/liabilities.
There was also bad news for the oil and gas sector which faces a rise in the supplementary charge from 20% to 32%...
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:
