Budget analysis: The City

Jennie Rimmer

Tony Beare

Paul Morton

Speed read

Last week’s Budget contained a surprising number of new developments. These included a phased reduction of corporation tax to 20% from 1 April 2015 and anti-avoidance legislation in relation to losses. In addition, consultations have been announced in relation to the use of limited liability partnerships to disguise employment relationships and the artificial allocation of partnership profits. Some positive changes have been announced in relation to the fund management industry and investment trusts and the legislation on exit charges has been amended to comply with EU law. The government has also announced the results of its consultation in relation to tax and procurement.

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