Pre-Budget set for 10 December

Link: Treasury dismisses December pre-Budget

Previous pre-Budget statements have all been read in November, with the earliest being in 1998, when it was delivered on the 3 November.

Last year, the chancellor spoke on 27 November, and it has been rumoured that this year’s speech has been delayed by the state visit of president Bush who arrives on the 19 November for a three-day stay.

Mid-tier firm Grant Thornton said it expected little material benefit for business in the green budget.

Stephen Quest, tax partner and corporate tax specialist said: ‘Since New Labour came into power in 1997, UK business has had to cope with the introduction of more and more layers of tax and corresponding tax reliefs. The added cost and complexity of this legislation is hampering growing businesses as they are struggling to keep up with the burden of red tape.

‘What’s more, there is often little incentive to apply for available tax reliefs as the cost of unravelling the red tape can be greater than any potential savings.’

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