GAAR to be in Budget, Clegg indicates

by Jaimie Kaffash

More from this author

06 Jan 2012

  • Comments
Liberal Democrat leader Nick Clegg

A GENERAL anti-avoidance rule is likely to be included in the 2012 Budget, the Prime Minister and Deputy PM have indicated

In an interview with the BBC, Deputy Prime Minister Nick Clegg (pictured) did not confirm there would be a GAAR in the Budget, but said: "We have received a report from an expert, Graham Aaronson, which says an anti-abuse rule is feasible. I very much hope...[that] we can make progress on that in the Budget."

David Cameron said in a speech at the Intuit headquarters in Maidenhead that HM Revenue & Customs had to collect the money in a "fair and business-friendly manner". However, he said a tough approach is needed: "With the large companies, that have the fancy corporate lawyers and the rest of it, I think we need a tougher approach."

The government will continue to cut the rate of corporation tax, and businesses should recognise they "should pay that rate of tax rather than try to avoid it".

Clegg also attacked the "wealthy elite" who paid "an army of accountants" to avoid taxes.

Owen Smith, the shadow Exchequer secretary to the Treasury, said that the GAAR proposals were "narrowly focussed".

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.