Corporation tax campaign moves on to House of Lords
Tory Treasury spokesman Nick Gibb said this week he would take his campaign to reverse controversial changes to the corporation tax payment regime to the Lords.
Last week, Gibb staged a special Commons debate in an unsuccessful attempt to persuade chancellor Gordon Brown that the new corporate self-assessment system would be too much for the financial directors of many medium-sized firms.
Gibb said the Corporation Tax (Instalment Payment) Regulations 1998 would force 20,000 companies with a turnover of more than #1.5m to pay an extra #8.9bn to the Treasury over four years.
Under the rules, instead of paying the bill nine months after the end of their accounting period, companies will have to pay in four quarterly instalments, the first at six months before the year-end.
Despite assurance from Paymaster General Dawn Primarolo that the new regime would be applied fairly, Gibb told Accountancy Age: ‘This is a crucial issue which we will not let drop. We shall use every opportunity to raise it both in the Commons and the Lords in an attempt to make the government change its mind.
‘It will also play a part in our campaign to alert the public following this week’s Budget that Gordon Brown is increasing company taxes by stealth.’
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article