Fw: Tax Angle - Emergency Budget Edition

Andrew Cawkwell
Partner
Direct Dial: 0191 2444338
Mobile: 07973 502809

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From: BTG Tax <TL-ZZ81jsyWCMs6194730@info-begbies-traynorgroup.com>
To: Andrew Cawkwell
Sent: Tue Jun 22 21:17:52 2010
Subject: Tax Angle - Emergency Budget Edition

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BTG Tax Section 1       Bad News is Good News Section 2       Mr Osborne's Indirect Tax Increase is Very Direct! Section 3       No Exchequer Gain Without Some Pain? Section 4       NIC to be Regionalised Section 5       In Come the Income Tax Changes Section 6       Property: A Building Blocks Budget Section 7       R&D Relief & Intellectual Property for Companies Section 8       A Cut in Corporation Tax but where is the Payback? Add to your safe senders list Mobile and Print-friendly version   Tuesday 22 June 2010 Tax Angle   Emergency Budget Edition

Dear Andrew   Bad News is Good News   George Osborne's first Budget was widely trailed in the media so most of the 'bad news' leaked beforehand. However, we must remember that this is the second budget this year. Alistair Darling raised taxes for next year by £8bn and for 2014-15 by £16bn. George Osborne has now added another £6bn next year and £8bn in four years time. Total additional tax revenues over four fiscal years in excess of £75bn: that is a lot of tax! Given a population of 60 million it represents £1,250 per person. If tax is only 23% of the equation, as per his announcement, then public expenditure cuts will cost each person £4,185. Now cuts and taxes do not affect everyone evenly but apart from the lower paid, everyone will be worse off.   The only tax breaks in the Budget were for business in reducing corporation tax rates and reducing NIC for low paid employees. The lower paid were also rewarded by a significant rise in personal allowances.   Click here to continue reading...   Best regards,   Andrew Shaw National Tax Managing Partner T: 0121 452 1515 E: andrew.shaw@btg-tax.com In this issue   Bad News is Good News   Mr Osborne's Indirect Tax Increase is Very Direct!   No Exchequer Gain Without Some Pain?   NIC to be Regionalised   In Come the Income Tax Changes   Property: A Building Blocks Budget   R&D Relief & Intellectual Property for Companies   A Cut in Corporation Tax but where is the Payback? BTG Tax on Twitter   Forward to a friend Subscribe to our emails Subscribe to RSS feed Visit our website Email us Mr Osborne's Indirect tax Increase was Very Direct!  The Chancellor announced an increase in the UK's standard VAT rate to 20% from 4 January 2011 – with anti-forestalling provisions. by Jaysson Palmer   > Read more No Exchequer gain without some Pain?   The change in the CGT rate will certainly spell pain for some higher rate taxpayers, but it is perhaps not as penal as widely anticipated. by Richard Smethurst     > Read more NIC to be Regionalised     The Chancellor announced that from next year there will be a small increase to the threshold at which NI contributions are paid, and businesses in some regions are to get NI relief. by John Hill > Read more   In Come the Income Tax Changes Good news for the basic rate taxpayer as the personal allowance for those aged under 65 is due to rise from April 2011. by Julie Osbaldeston > Read more Property - A Building Blocks Budget But what do the various new tax measures mean for property owners? This mixed Budget has some good news and some less helpful implications. by Julia Rosenbloom > Read more R&D Relief & Intellectual Property for Companies Companies carrying out R&D will be relieved to hear that there is no change to the beneficial R&D tax regime and that relieving measures will be revived. by Laurence Bard > Read more A Cut in Corporation Tax but where is the Payback? The Chancellor has made it clear that these changes are part of an ongoing reform of corporation tax. by Robert King > Read more + 44(0)121 452 1515  www.btg-tax.com 19 George Road Edgbaston Birmingham B15 1NU    + 44(0)161 837 1700  www.btg-tax.com   340 Deansgate Manchester M3 4LY   + 44(0)20 7024 8370  www.btg-tax.com 11 Haymarket London SW1Y 4BP   BTG Tax is a division of BTG Tax LLP which is a limited liability partnership, registered in England No: OC327306 registered office: 340 Deansgate, Manchester, M3 4LY Any reference to a partner is to a member of the limited liability partnership. A list of partners is available for inspection at the registered office. A member of the Begbies Traynor Group; Specialist Professional Services www.begbies-traynorgroup.com To opt-out from future communications, click here

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