Please contact us if you
have any questions
Tax Changes Ahead
On 9 December the government issued the majority of the clauses, in draft, of the Finance Bill 2011 and an update on consultations that it has undertaken over the summer/autumn. The publication of the draft Finance Bill clauses is part of the government’s improvements in the way tax policy is developed, communicated and legislated. Confirming the majority of the intended tax changes at least three months ahead of the publication of the Finance Bill provides some predictability in the tax system and an opportunity for draft legislation to be scrutinised.
Also on Monday 29 November the Office for Budget Responsibility published its updated forecast for the economy. Later on that day Chancellor George Osborne responded to that forecast in a statement to the House of Commons. The only tax measures that were announced in his response were contained in a ‘Corporate Tax Road Map’.
This summary concentrates on the main tax measures which were announced on 9 December and in recent weeks including:
- Tax and National Insurance rates and thresholds
- Pensions – new regimes for tax relief and annuities
- Furnished Holiday Lettings
- The Corporate Tax Road Map
The Chancellor has also confirmed that the Budget will take place on Wednesday 23 March 2011 and we will continue to keep you informed of developments. Please contact us if you have any questions.
|
