there was little chance that
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
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.
Parliament will be given additional tax-raising powers in line with
those proposed by the
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
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states