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The chancellor has announced a reduction in the rate of inheritance tax for those estates leaving 10 per cent or more to charity, from a rate of 40 per cent to 36 per cent. In addition, the Finance Bill 2011 will increase the Gift Aid benefit limit from £500 to £2,500.
Clive Sparrow, Government and Infrastructure Advisory Director at Grant Thornton UK LLP comments on the impact of the Budget on the public sector.
Today’s Budget announced three changes designed to counter stamp duty land tax (SDLT) planning arrangements on property acquisitions.
Barry Knight, Head of Retail at Grant Thornton UK LLP, says: “The scrapping of the fuel duty increase will have been top of retailers’ wish list and is at last some good news for the retail community which is still under tremendous pressure from low consumer confidence, cost inflation and rises in VAT and National Insurance.
If you are writing on today’s Budget announcement looking at the impact on the property sector, please consider the following from Clare Hartnell, Global Head of Property at Grant Thornton
Samantha Vanags, Head of R&D at Grant Thornton UK LLP, comments
This afternoon’s Budget announcement showed the Chancellor going back to his roots with clarification that the 50p tax rate is a temporary measure.
Against expectations, the Chancellor set out a framework on the taxation of non-domiciles. However this may make certain high net worth individuals re-consider long term settlement in the UK
During his Budget speech, the Chancellor highlighted the Coalition Government’s commitment to being a world centre for green energy. He confirmed that the green investment bank will start operations in 2012 (a year earlier than previously expected) but will not be able to borrow till 2015-16 and only then if government debt is falling
In today’s budget announcement, the Chancellor George Osborne announced major changes to the Enterprise Investment Scheme (EIS) in another measure to improve “enterprise Britain”.
Liz Brion, Head of Media Tax at Grant Thornton UK LLP, comments on the how the Chancellor’s budget may impact the media industry
Chancellor George Osborne has laid out plans for a further clamp down on tax avoidance as the Government seeks ways to raise £4 billion of extra tax revenue in order to plug the £42 billion tax gap.
Kathryn Hiddleston, Head of Construction at Grant Thornton UK LLP comments on the impact of the Budget on the construction sector.
The Chancellor highlighted his commitment to bolstering investment in certain areas by reinstating designated ‘Enterprise Zones’ across the UK as a method to stimulate growth
The Budget 2011 announced a number of changes which affect individuals including:
Niki Dixon, head of Technology at Grant Thornton UK LLP, says:
“The Chancellor’s budget announcement has provide some welcome, if limited, stimulation to the ICT sector.
“The Enterprise Zones (EZ's) announced in the Budget, offer broadband infrastructure, a discount on business rates and simplified planning applications. This together with the potential for enhanced capital allowances, will help to get developments moving.
In a pro-growth 2011 Budget the Chancellor reaffirmed his commitment to tackling the public deficit and highlighted measures to encourage economic growth and simplify the tax system.
Today’s Government announcement that it would reduce the rate of corporation tax by 1% more than previously announced, from the current 28% to 26% from 1 April 2011, reducing by 1%pa thereafter until it reaches 23%, is an unexpected but welcome move to make the UK a more attractive place for multinationals to locate
George Osborne announced a consultation on plans to merge the operation of income tax and National Insurance Contributions (NICs). Grant Thornton cautiously welcomes these plans which may reduce burdens on business, while warning that rushed implementation could lead to HMRC failures and hidden tax rises.
