George Osborne presented his first Budget on Tuesday 22 June 2010.
For the first time, forecasts were published in advance of the Budget. The Office for Budget Responsibility was formed in May 2010 to make an independent assessment of the public finances and the economy in advance of each Budget and Pre-Budget Report.
Within the framework of these forecasts George Osborne stated that a tough but fair Budget was needed. Many fundamental announcements have been made which affect the taxation of most individuals. These are in addition to changes already made by the previous government, such as the 50% tax rate and changes to the tax relief available for pension contributions.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.
If you have any questions please do not hesitate to contact us for advice.
Our London office has appointed a new partner, Odhran Dodd to the Corporate Finance team.
A last minute rush to take advantage of the now closed Corporate Venturing Scheme resulted in a 65% jump in investment in small companies, to £28m, in its final year.
Taxpayers who do not owe tax, or are even due a tax rebate from HM Revenue & Customs (HMRC), will be fined for the first time this year if they do not complete tax returns by January 31 2012.
A rally in M&A activity targeting UK private companies has ground to a halt over the last 12 months, our research has found.
January saw substantial increases in train fares for daily commuters to the capital, in many cases in excess of 5%.
Almost two thirds (65%) of all penalties and decisions issued by HM Revenue & Customs (HMRC) to taxpayers in relation to VAT matters are subsequently found to be incorrect and are overturned on internal review.
