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TAARy, TAARy Night

Pete Miller Corporate Tax Director Ernst & Young reports on the corporate changes in Pre-Budget Report 2005
To the corporate sector the Pre-Budget Report reads like a poor weather forecast: Doom gloom and despondency with some light patches. A major theme is again that of reducing 'tax avoidance' which the Chancellor refers to as 'fairness'. However while some of the changes may indeed close down tax mitigation ideas that have taken advantage of loopholes in the legislation there are clearly other areas where the Chancellor's ire is directed at things that only he and maybe a few of his more radical advisers at HMRC consider to be abusive.
Starting rate of corporation tax

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