Oh goody. That’s just what we need. I was dreading the prospect of an emergency Budget which has become a habit following the last few general elections. No sooner have we digested one Budget and got used to the new rules, we’re faced with another, just because a new government wants to put its stamp on the economy as soon as they’ve got into power.
But, the BBC has reported that George Osborne wants another piece of prime time TV, so that’s the way it must be. (This is the official confirmation from the awful GOV.UK site, my thanks to Rebecca Cave for pointing it out to me on twitter).
Here is a hint of that there’ll be more work on the way for tax specialists:
“We’ll crack down hard on tax avoidance and aggressive tax planning by the rich – because everyone should pay their fair share.”
And here is an article by the FT which suggests major CGT rises are on the way, (I hope you can read it before it gets locked behind a firewall). One commentator foresees a major curtailment to entrepreneurs’ relief, possible extra tax payable on dividends for additional and higher rate earners and the end of civilisation as we know it.
I have to say that I was a bit alarmed at that FT article, especially since I’ve done a lot of work on entrepreneurs’ relief recently, so the prospect of seeing it all get washed down the drain doesn’t appeal to me.
On the other hand, I’m not quite convinced that things will be that bad. Governments of both parties – both Labour and Conservative – have been committed to encouraging small, growth businesses, especially in the field of technological innovation (does anyone remember Harold Wilson’s “white heat of the [technological] revolution” speech?) So why would they backtrack on a major tax break such as entrepreneurs’ relief?
But for now, we must wait to see what the Chancellor has in store for us. Happy Summer everyone!
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