– Fuel duty freeze.[QQ] The chancellor has promised a cash freeze in all road-fuel and other oil duties together with reforms in the haulage industry in a bid to stave off a second round of winter fuel protests.
– Increased tax relief on share options
Tax relief on share options has been expanded, but experts believe the area has become an administrative minefield as the legislation is to be changed for the fourth time in four years.
– New double tax relief rules for multinationals
The government has announced changes to double tax relief rules for multinationals, page 6.
– Deferral relief for companies
Gordon Brown announced the consultation on deferral relief – a tax break on the profits made by companies selling shareholdings in another business – would continue, page 6.
– Simpler rules for construction industry
A simplification of the controversial construction industry tax scheme will allow businesses with revenue in excess of #1m can qualify for the CIS5 card.
– Call to cut VAT on church repairs
The government is to ask the European Commission to cut VAT rates on church repairs from 17.5% to five per cent.
– CGT cut for venture capitalists
Capital Gains Tax is to be reduced from 40p to 10p for venture capitalists and non-training ventures.
– Betting tax under reform
The government has announced plans to reform betting tax, following consultation after the last Budget.
– Business mileage allowance remains
The chancellor will retain the current mileage allowance system for business car travel until 2002 when he is expected to propose a new system of mileage rates.
– Praise for pension changes
The Low Income Tax Reform Group has applauded moves to bridge the gap between rich and poor pensioners, but was condemned by one Big Five tax partner as ‘effectively abolishing the state pension’.
Full versions of these and other pre-Budget stories can be found at www.accountancyage.com/Tax/1113087.
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