RegulationCorporate GovernanceLabour’s manifesto: Few tax surprises

Labour's manifesto: Few tax surprises

Labour's hand revealed in the Budget

Following the
Budget
there was little chance that
Labour’s
manifesto
would contain much new in the way of tax and business
policy that hadn’t already been trailed by Alistair Darling. And that proved to
be the case upon its release today.

Pledging to cut £6bn out of the costs of regulation for business, there was
ironically more regulation announced for business in the same breath – at least
for institutional shareholders.

In looking to reform corporate governance, the UK Stewardship Code should be
strengthened and require shareholders to declare how they vote and for banks to
put their remuneration policies to shareholders for explicit approval.

A “toddler tax credit” was introduced. The child element of the child tax
credit will be increase by £4 a week for families with children aged one or two
from 2012 regardless of the amrital status of the parents.

Higher support threshold should be required for takeovers to go through. More
trust and employee-owned businesses are required, and will be reviewed by a
Labour government.

The tax system will be used to claw back from higher-earning offenders a
proportion of the costs of prison. Asset confiscation will be a standards
principle in sentencing, extended from cash, to houses and cars. Communities
will be able to vote on how these assets are used to pay back the community.

The Scottish
Parliament
will be given additional tax-raising powers in line with
those proposed by the
Calman
Commission
. Under the proposals the Scottish parliament would raise
10% of its budget, but there have been concerns that tax would have to be raised
to maintain service levels, as pay levels have failed to grow in line with
public spending.

Further reading:

Labour
pledges £6bn cut in business regulation costs

Hundred
Group says no to annual chairmen elections

Finance
Bill carved out in deadline scramble

Related Articles

Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

3m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

1y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

1y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

1y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter
Standard Life Investments opposes EY's appointment as Shell auditors at AGM

Accounting Firms Standard Life Investments opposes EY's appointment as Shell auditors at AGM

2y Richard Crump, Writer