Too dear, prudence

10 January 2005 / Mike Truman , Francesca Lagerberg , Andrew Jones , Harry Hicks , Peter Vaines

Categories: Comment & Analysis , IR35 , PBR 2005 , Companies , Income Tax

Experts offer their first reactions to PBR 2005

LET'S FACE IT this Pre-Budget Report wasn't really about the details of the tax system. The main focus for commentators in the press and on television was whether the Chancellor's figures for receipts and spending actually stacked up.

The consensus seems to be that the Chancellor might still meet his fiscal rules but that his anticipated £8 billion margin is very tight. Prudence it seems has been unceremoniously dumped as too high-maintenance in the run-up to an election.

However from a tax practitioner's point of view the documents accompanying the report do seem to provide the framework for a sensible discussion between the profession and the Treasury on technical issues.

On matters where it is proposed that legislation will be introduced in the 2005 Finance Bill there are generally detailed proposals or draft legislation; where documents are issued for discussion it seems that...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.