What principles have emerged from recent case law? This question and many others are debated by leading VAT experts including senior members of the Institute of Indirect Taxation
The combined effects of the measures in the March and June Budgets ensure that the least well off are less affected than the richest, according to the Commons Treasury Committee’s report on the June 2010 Budget.
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.
‘It is not appropriate for the Government to comment on the confidential tax affairs of individual businesses’, David Gauke said in a response to a request for an estimate of ‘the effects on tax revenues to the exchequer of liabilities of companies involved in the oil spill in the Gulf of Mexico’
A new Office of Tax Simplification (OTS) will tackle what the Chancellor described as a ‘spaghetti bowl of reliefs, exemptions and allowances’.
George Osborne said he held a distant dream ‘that people might actually understand the tax laws that they’re being asked to comply with’.
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’.
‘BP is forecast to pay about $10bn (£6.7bn) less tax over the next four years as it meets the costs of its huge oil spill in
Will Morris, Chair of the CBI Tax Committee, gives his reaction to the emergency Budget