The Federation of Small business said the plans could ruin its members, while the British Chambers of Commerce expressed concerns that the reform could lead to a more complex system. The Confederation of British Industry stated its members are reluctant to give up capital allowances. ?There is a real concern about the taxing of unrealised gains,? it stated.The new corporation tax, published in a green paper in August, would abolish relief on assets such as plant and machinery through capital allowances. Instead relief will be calculated on depreciation and thus hit company cash flows.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states