“Billed as a “tough but fair” budget, Chancellor George Osborne has announced his plans to tackle the UK’s record deficit while sustaining the economy. Setting out the Government’s target of bringing the current deficit into balance by 2016, the Chancellor said that it was on course to reach this goal a year early.
In order to meet the fiscal mandate the Chancellor announced a combination of tax rises and spending cuts. The headlines included the widely expected increase in VAT to 20% from 4 January 2011 and an immediate increase in capital gains tax to 28% for higher earners. Declaring Britain to be “open for business” the Chancellor announced that the main rate of corporation tax would fall to 24% over a 4 year period.
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If you have questions about any aspect of the Budget, or have an accounting issue you would like to discuss, please contact your Rothmans adviser.
Click here to download the Rothmans' June 2010 Budget Report.