A recent report has claimed that a handful of tax reliefs, supposedly only available to the wealthiest minority of the population, cost the Government £4bn a year in lost revenue, – and suggests that they should be removed in the upcoming Spring Budget
Armstrong Watson is delighted to announce that Corporate Tax Partner Becky Bowness has taken on the role of Head of Tax and leads the firm’s tax service lines across all 18 offices throughout the North of England and Scotland.
As expected, the Chancellor did not make changes to the rates of income tax, national insurance, inheritance tax or capital gains tax (CGT), but what he did do is freeze the threshold on each one of these except CGT, meaning the rates everyone is paying today will be the same rates that will apply after April next year.
After much adverse publicity in recent days and weeks around exaggerated and fraudulent R&D claims, particularly in relation to claims under the Small & Medium Enterprises (SME) scheme, the Chancellor has reacted by reducing the tax benefits potentially available through an R&D SME claim.
As anticipated due to the economic deficit, Jeremy Hunt today announced measures that will see tax increases amounting to a cost to taxpayers of tens of millions of pounds.