Setting aside the general comments regarding political messaging and opacity on savings the Budget was uninspiring from a tax perspective. It largely involved confirming what we already knew regarding tax rates personal allowances pension relief restrictions etc. with only marginal efforts to redistribute wealth on a revenue neutral basis. In terms of the corporate tax agenda pickings were very thin. The patent box is on track which is good news and other reforms including CFC and foreign branches are in progress and did not warrant a mention. It remains to be seen whether these reforms will survive any second Budget later in the year. Tax avoidance was again on the agenda tightening up disclosure of certain schemes increased penalties and tax information exchange. Small business fared better through some targeted benefits however there were...
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Home >Articles > Budget comment: Thin pickings for business
Budget comment: Thin pickings for business
Budget comment from industry by Ian Brimicombe
Setting aside the general comments regarding political messaging and opacity on savings the Budget was uninspiring from a tax perspective. It largely involved confirming what we already knew regarding tax rates personal allowances pension relief restrictions etc. with only marginal efforts to redistribute wealth on a revenue neutral basis. In terms of the corporate tax agenda pickings were very thin. The patent box is on track which is good news and other reforms including CFC and foreign branches are in progress and did not warrant a mention. It remains to be seen whether these reforms will survive any second Budget later in the year. Tax avoidance was again on the agenda tightening up disclosure of certain schemes increased penalties and tax information exchange. Small business fared better through some targeted benefits however there were...
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