TaxCorporate TaxBudget 2010: What the papers say…

Budget 2010: What the papers say…

The Budget that "spurned" a political give-away

Yesterday’s Budget raised a few eyebrows with the overall message from the
national papers claiming the chancellor delivered an election budget with a
political edge.

The
Financial Times
felt Alistair Darling ducked the deficit challenge and
turned the “screw” at the rich and the banks.

The FT believed Darling left many questions unanswered in particular how the
current government planned to cut spending.

The
Times
claimed Alistair Darling raided the rich with Tory ideas and that the
chancellor delivered a no-frills financial statement.

The
Guardian
focused on the changes to stamp duty tax which saw first time
buyers exempt from the levy on properties worth £250,000 or less. The
publication claimed the Labour party had drawn the political dividing lines with
the Tories from this change.

The publication also highlighted the chancellor’s announcement to freeze
inheritance tax, landing thousands of families across the country with death
duties.

Darling said the move would be paid for by a 5% mansion tax on properties
sales in excess of £1m.

The focus for most papers included the confirmation that the deficit had
fallen from £178bn to £167bn thanks to better than expected tax revenues.

However the biggest cheer from the papers was the announcement Britain was
geared up to sign an information sharing tax deal with Belize, where Lord
Ashcroft has investments.

Further reading:

Budget
2010: Tax avoidance crackdown has more bark than bite

Budget
2010: Extra relief for entrepreneurs is welcomed by advisers

Budget
2010: Liechtenstein still wins despite penalties

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