Chancellor George Osborne’s anticipated corporation tax cut will cost £4.5bn
and the affect will vary from business to business, an accounting firm has said.
Vantis tax partner Terry Baldwin said the anticipated tax cut, which it
believes will be announced at the Annual CBI dinner tonight, will be welcomed
but have mixed results.
“Corporation tax cuts, which fulfill the Conservative manifesto pledge, will
be mostly welcomed by corporate businesses of all sizes. It is estimated that
these rate cuts will cost £4.5bn and will be funded by “reducing complex reliefs
and allowances,” he said.
“It is likely that this will mean changes to Capital Allowances and R&D
tax credits, and perhaps other tax reliefs. The net impact of these changes will
of course therefore vary from business to business. Will the impact be greater
on manufacturing businesses which currently qualify for more reliefs? We await
the devil in the detail in next month’s Emergency Budget.”
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
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
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