David Cameron is planning ‘the biggest and crudest corporate tax cut in living memory’ and the banks will be the main beneficiaries, the Guardian columnist George Monbiot claimed yesterday, in a comment piece that has already attracted more than 1,000 comments on the newspaper's website.
HMRC is to ‘consider and test’ alternative ways of resolving tax disputes with SMEs, with a view to reducing the impact of ‘avoidable’ disputes.
‘Wild allegations’ have been made against HMRC for which ‘there is little or no evidence’, David Gauke said yesterday after a Conservative MP said there was a lot of public disquiet about ‘alleged enormous sweetheart deals done with major public companies’.
‘“UK Uncut worries people like me,” says a multinational executive. “It shows how much raw anger there is out there.
George Osborne has announced an increase in the rate of the bank levy for 2011, having decided that the reduced rate set to recognise ‘uncertain market conditions’ is no longer necessary.
The patent box, the government’s proposed preferential regime for profits arising from patents, will cost over £1 billion a year in lost revenue but will benefit only ‘a handful of firms’ according to the Institute for Fiscal Studies.
R&D tax relief: recent developments
Mike Lomax on the compliance implications of draft rules on foreign branch profits
Caroline Lucas MP, the leader of the Green Party, asked the government how much of the corporation tax losses declared in respect of accounting periods ending in 2007/08, 2008/09 and 2009/10 was carried back for offset against profits of previous periods; how much corporation tax was repaid as a