Fitch sees no impact on AAA rating from Budget proposals March 21, 2012 FITCH Ratings said yesterday George Osborne’s Budget proposals show commitment to the coalition’s existing deficit reduction strategy and do not impact its AAA credit rating. “As expected, the announcement did not contain unfunded tax and spending measures while the updated economic and fiscal forecasts are marginally better than forecast in the Autumn Statement,” Fitch said. [...]
Planes a priority but passenger levy must stay March 21, 2012 THE CHANCELLOR yesterday signalled his support for more airports or runways in the south east of England – but airlines were left fuming after he again ignored their calls to halt a hike in air passenger duty. George Osborne said the government must “confront” the problem of air capacity, though he shied away from backing [...]
Offshore firms take a hit as gambling tax reverts to where online bet placed March 21, 2012 ONLINE gambling companies will no longer be able to hide beyond British shores as duty becomes payable according to where the bet is placed rather than where the gambling firm is located. The new consumption-based tax will affect the many British companies – including Betfair, William Hill, and Ladbrokes – which have moved offshore since [...]
Relaxed Sunday trading will only be for Olympics March 21, 2012 DESPITE speculation to the contrary, George Osborne was adamant yesterday that the relaxing of Sunday trading laws will be a temporary measure. “When millions of visitors come to Britain [this summer] we don’t want to hang up a ‘closed for business’ sign,” the chancellor said. But he added the legislation will be “limited… to eight Sundays [...]
Company car rate hiked to raise £1.6bn March 21, 2012 CHANCELLOR George Osborne unveiled a hike in company car tax rates yesterday in a move he claimed will raise an extra £1.6bn in revenues over the next five years. The plan to clobber companies with fleet cars for more tax came just minutes after Prime Minister David Cameron had identified a booming car industry as [...]
Downton Abbey tax cuts for gaming and TV industries March 21, 2012 THE TREASURY has agreed to a £50m loss over two years from next April in a bid to boost the nation’s entertainment industry and make the UK “the technology hub of Europe”. Osborne yesterday announced the long-called-for introduction of corporation tax reliefs for the video games, animation and high-end television industries – because “we want to keep [...]
Motorists angry as chancellor sticks to his guns on fuel duty March 21, 2012 IT was rumoured to be the rabbit in George Osborne’s Budget box, but a freeze in fuel duty was nowhere to be found yesterday, to the dismay of motoring groups. Fuel tax will go up by 3.02p per litre on 1 August as planned, the chancellor said, despite calls from consumers to prevent near-record oil [...]
THE CBI March 21, 2012 DIRECTOR GENERAL “An extra one per cent off corporation tax this year could make a big difference to investment intentions. Plans to reduce the top rate of tax to 45p by April 2013 will show our top and aspiring talent that this government wants them to create wealth here. (Osborne) stuck to his guns and [...]
THE BRITISH BANKERS’ ASSOCIATION March 21, 2012 DIRECTOR GENERAL “This was a Budget for business: it was about making it more attractive for businesses to do business here in the UK. It was also about giving businesses the confidence to invest in their futures and giving their customers the confidence to spend again. Crucially it underlines the fact that bank finance continues [...]
NATIONAL ASSOCIATION OF ESTATE AGENTS March 21, 2012 PRESIDENT “This Budget week is proving to be a double whammy for first time buyers: not only has the chancellor failed to offer any real help to lower and middle income homeowners and first time buyers, but from Saturday, the stamp duty holiday for first time buyers will be coming to an end. Property is [...]
