Publications

The focus of today's Budget was on reducing the budget deficit and building a stronger economy. With little room for manoeuvre, the focus was on a few issues which the Government regards as key to achieving this. 

The Government reiterated its desire to make the UK tax system the most competitive in the G20 and reduced the main rate of corporation tax by an additional 1% from April 2015.  Alongside reforms to increase the competitiveness of the UK tax system, the Government affirmed its desire for international action relating to the tax practices of multinational companies.

These announcements were coupled with wide ranging anti-avoidance measures.  These include the anticipated General Anti-Abuse Rule, rules aimed at restricting Government procurement contracts to those businesses that are tax compliant, proposed changes to the partnership rules and changes to the SDLT sub-sale regime.
 

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