News Analysis – Why the Budget is bad news for accountants.

This year’s is only going to be bigger if the early signs are anything to go by. The Revenue has already prepared draft legislation on five topics which will form part of the post-Budget Finance Bill. There are already 28 pages on enterprise management incentives, 38 pages on the new all-employee share plan while tonnage tax proposals weigh in at a whopping 53 pages. Then there are 57 pages on the corporate venturing scheme not to mention the Climate Change Levy which contributes 93 pages. Add that lot up and there are already 269 pages of draft legislation for a mere five tax proposals – and that’s before the chancellor even rises to make his Budget speech. ‘These figures do not even take account of the draft legislation on charitable giving, stakeholder pensions, personal service companies exclude the usual raft of income tax and other provisions,’ says Francesca Lagerberg, the Faculty’s senior technical manager. ‘That’s good news for parliamentary draftsmen but bad news for those who will have to administer, advise on and live with the new rules.’

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