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

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