Pre-Budget Report Scheduled for 9 December
11/11/2009
The Chancellor of the Exchequer has announced that this year's Pre-Budget Report ("PBR") will take place on Wednesday 9 December. As well as giving an interim view of the current state of the economy and the prospects for the coming year, the PBR has been increasingly used to issue major announcements on proposed tax changes to be introduced either immediately or in the next Budget.
Given the level of the deficit in the public finances we may well see further tax rises announced to accompany the significant tax hikes for higher earners already slated for 2009. Paul Brown, ASE plc's tax director said "The Chancellor has to raise a lot of money if the government are to be able to meet their public spending commitments in the next few years. We may well see further increases in the main rates particularly for the better off, but this is a also an opportunity for the Chancellor to close off any loopholes that HMRC have identified in the recent past.
Brown continued "We are already seeing a more aggressive stance being taken on perceived tax avoidance, and often changes are announced to close off planning schemes with immediate effect. Most motor dealers are making good levels of profits in the current year and it is very important that they consider their tax position and how the increases, both announced and expected, are likely to impact both on their businesses and their own personal wealth. It may be they have only a limited opportunity to take advantage of current tax planning strategies before the PBR so the time to act is now."
11 November 2009
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