As we set sail for 2012, HM Treasury could be forgiven for wishing for calmer economic waters than the previous 12 months. Perilous economic conditions meant that the government had limited options in delivering against its growth and competitiveness agenda and in terms of fiscal planning sought to ‘batten down the hatches’ to convince ratings agencies that the UK had a plan to cut debt, while marshalling the economy to try to avoid double-dip recession and promote growth. Tax policy focused on reductions in the rate of corporation tax; reform of the CFCs; targeting the oil and gas and banking sectors; offering tax reliefs for innovation; and using others to raise tax policy discussions.
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