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24/03/2011
George Osborne presented his second Budget on Wednesday 23 March 2011.
In his statement he said that the “Budget is about reforming the nation’s economy, so that we have enduring growth and jobs in the future”.
Towards the end of last year the government issued the majority of the clauses, in draft, of Finance Bill 2011 together with updates on consultations. The publication of the draft Finance Bill clauses is part of the government’s improvements in the way tax policy is developed, communicated and legislated. The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply from April 2011 and some take effect at a later date, so the timing needs to be carefully considered.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.
Main Budget proposals
• An additional 1% cut in the main rate of corporation tax to 26% from April 2011.
• Enhanced tax incentives for investment in higher risk companies and for SMEs investing in research and development.
• Reintroduction of Enterprise Zones.
• Entrepreneurs’ Relief limit doubled to £10 million.
• An increase in the mileage rate payable to own car drivers.
• Consultation on integrating income tax and national insurance contributions.
• Reduced inheritance tax rates for those giving one tenth of their estate to charity.
Previous announcements
Some of the changes detailed in this summary have been the subject of earlier announcements. Here is a reminder of some of the more important ones:
• Changes to tax and national insurance rates and thresholds
• Pensions - new regimes for tax reliefs and annuities
• Furnished holiday lettings changes
• The Corporate Tax Road Map.
If you have any questions please do not hesitate to contact us for advice.
17/01/2011
On 9 December 2010, the government issued the majority of the clauses, in draft, of the Finance Bill 2011 and an update on consultations that it has undertaken over the summer/autumn. The publication of the draft Finance Bill clauses is part of the government’s improvements in the way tax policy is developed, communicated and legislated. Confirming the majority of the intended tax changes at least three months ahead of the publication of the Finance Bill provides some predictability in the tax system and an opportunity for draft legislation to be scrutinised.
Also on Monday 29 November 2010, the Office for Budget Responsibility published its updated forecast for the economy. Later on that day Chancellor George Osborne responded to that forecast in a statement to the House of Commons. The only tax measures that were announced in his response were contained in a ‘Corporate Tax Road Map’.
This summary concentrates on the main tax measures which were announced on 9 December 2010 and in recent weeks including:
• Tax and National Insurance rates and thresholds
• Pensions – new regimes for tax relief and annuities
• Furnished Holiday Lettings
• The Corporate Tax Road Map
The Chancellor has also confirmed that the Budget will take place on Wednesday 23 March 2011 and we will continue to keep you informed of developments. Please contact us if you have any questions.
02/12/2010
In his Emergency Budget speech on 22 June 2010, Chancellor George Osborne announced an increase in the standard rate of VAT from 17.5% to 20% to be effective from 4 January 2011. There are no changes to the zero or reduced rate (5%).
Key issues for businesses to deal with in the run up to the standard rate change are detailed below.
If you have any concerns or would like any further information on any of the matters raised here, please contact your usual Smith Cooper Partner or Clare Beachell/Stuart Peck on 01332 332021.
23/06/2010
George Osborne presented his first Budget on Tuesday 22 June 2010.
For the first time, forecasts were published in advance of the Budget. The Office for Budget Responsibility was formed in May 2010 to make an independent assessment of the public finances and the economy in advance of each Budget and Pre-Budget Report.
Within the framework of these forecasts George Osborne stated that a tough but fair Budget was needed. Many fundamental announcements have been made which affect the taxation of most individuals. These are in addition to changes already made by the previous government, such as the 50% tax rate and changes to the tax relief available for pension contributions.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.
If you have any questions please do not hesitate to contact us for advice.
16/07/2010
Hello and welcome to Smith Cooper's E-newsletter for clients and contacts.
Our continued aim is to advise you about relevant issues or changes and update you on any interesting developments within the firm.
I hope you find this information useful and informative. Please get in touch with any feedback or if you wish to discuss any of the issues raised.
Regards
Andy Delve
Managing Partner
17/03/2010
Hello and welcome to Smith Cooper's E-newsletter for clients and contacts.
Our continued aim is to keep you informed about relevant issues or changes and update you on any interesting developments within the firm.
I hope you find this information useful and informative. Please get in touch with any feedback or if you wish to discuss any of the issues raised.
Regards
Andy Delve
Managing Partner
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