While Chancellor of the Exchequer Gordon Brown is expected to give away some “modest” tax sweeteners in the budget on March 16, the parlous state of the government’s finances will mean £10 billion will have to be recouped by the Treasury in tax soon after the general election, widely anticipated in May, according to accountants Deloitte.
A report written by Roger Bootle, the firm’s chief economic advisor, predicts that Brown will announce a number of minor tax relief measures, such as an increase in the stamp duty threshold for home buyers which currently stands at £60,000, and reductions in council tax.
However, Bootle believes that Brown will be forced to put up taxes by as much as £10 billion after the election, expected on May 5, following a “major deterioration” in the Treasury’s finances.
"Any giveaways on March 16 will be more than reversed by hefty tax increases after the election,” warned Bootle.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment