TaxCorporate Tax‘No need’ for Brown to raise taxes

'No need' for Brown to raise taxes

Deloitte says Chancellor is under no pressure to raise taxes

With just days until Gordon Brown delivers what may be his last Budget
speech, Deloitte has said he no longer needs to raises taxes following record
receipts received in January

Bill Dodwell, tax partner at Deloitte, said an improvement in the ‘economic
background’ to the Budget improved in January, and it was now quite possible
that further tax rises may not be needed.

Writing in the FT, Dodwell said: ‘The target set for the central government
current tax receipts for the fiscal year 2005-06 was £487bn with corporation tax
receipts at £44bn; at the 2005 Pre-Budget Report (PBR) on 5 December 2005 the
forecast had fallen to £458bn with VAT and corporation tax receipts in the first
six months of the year well below target.

‘Although central government spending is also slightly higher than target,
overall the pressure may be off the chancellor somewhat.’

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