The UK’s top rate of personal income tax is ‘substantially above the OECD average and likely to adversely affect work incentives and entrepreneurship’, according to an OECD report. Consideration should be given to reducing the rate to close to 40%, it said.
Shadow Treasury Minister Angela Eagle observed that clause 5 of the Finance Bill ‘completely takes away’ the Labour Government’s policy of restricting tax relief on pension contributions for those earning £150,000 or over, who are ‘the top 2% of earners in the country’.
Sandy Cochrane provides guidance on the place of supply of goods together with the VAT treatment and reporting obligations for certain scenarios
Review of the Budget by Mark Schofield
Budget analysis on indirect taxes by Ian Carpenter and Sian Beusch
David Anderson on duties
Michael Conlon QC on VAT
Your impartial need-to-know guide to the coalition Government's emergency Budget
Kamlesh Chauhan comments on the implications of the third GMAC case, focusing on the impact of the decision for businesses and the potential for retrospective claims