TaxCorporate TaxCBI calls for end to budget theatricals

CBI calls for end to budget theatricals

The CBI is today calling on chancellor Alistair Darling to postpone all proposed business tax changes

CBI
director-general Richard Lambert is pressing chancellor Alistair Darling to
avoid ‘Budget theatricals’ and give a short, six-paragraph speech next week.

The chancellor should also propose to delay all the proposed business tax
changes, it adds.

In the six-paragraph alternative speech Lambert suggests the chancellor say
that pronounced economic uncertainty means it is impossible to make ‘credible
judgements based on the near-term outlook’, and that there will anyway be a need
to revisit the government’s three-year spending plans next year, given the
continued deterioration in the public finances.

‘The only worthwhile tax changes Mr Darling could make would be to postpone
for a year ill-considered and rushed changes to capital gains and non-doms tax,
to give the many affected individuals a decent period to plan,’ Lambert said.

He said the CBI forecasts that, contrary to the Treasury’s optimistic
projections, and on current spending plans, government borrowing would total a
high £45bn in 2009-10, and the current account would not move out of deficit
until 2011-12 as opposed to the forecast 2009-10.

Further reading:

Final CGT rules hammer entrepreneurs

CBI hits out at ‘rushed’ non-dom plans

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter