Tuesday, 19 March 2013 10:38
Budget 2013: Mazars forecasts focus on tax avoidance and business
Mazars expects the Chancellor's Budget priorities to be tackling tax avoidance and reinforcing the UK as a competitive place to do business.
The firm, which is an IFP Accredited Financial Planning Firm, said most of Mr Osborne's planned tax changes had already been announced in his Autumn Statement.
To help companies, Mazars forecast continuing reduction in corporation tax, research and development tax relief for large companies and extension of tax relief for employee shareholdings.
Regarding tax, the firm said further measures could be introduced to ensure everyone pays their "fair share of tax". This would include the implementation of a general anti-abuse rule and prevention of those with a poor tax compliance record being awarded public sector contracts.
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It thought it was unlikely the Chancellor would introduce a tax on property but he could add further council tax bands.
Changes already announced in the Autumn Statement in December include an above-inflation increase in the income tax personal allowance, reduction in corporation tax rate and lowering of additional rate of income tax to 45 per cent.
Tim Davies, head of tax at Mazars, said: "Since December the economy has not performed as well as the government hoped, the media have continued to put pressure on the Government to be seen to do something to increase the tax multinationals pay in the UK, particularly as it has not been possible to stave off the downgrading of the rating of UK Government debt.
"We expect a theme of his budget speech will be to show how the changes deal with these and other economic issues."
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The firm, which is an IFP Accredited Financial Planning Firm, said most of Mr Osborne's planned tax changes had already been announced in his Autumn Statement.
To help companies, Mazars forecast continuing reduction in corporation tax, research and development tax relief for large companies and extension of tax relief for employee shareholdings.
Regarding tax, the firm said further measures could be introduced to ensure everyone pays their "fair share of tax". This would include the implementation of a general anti-abuse rule and prevention of those with a poor tax compliance record being awarded public sector contracts.
{desktop}{/desktop}{mobile}{/mobile}
It thought it was unlikely the Chancellor would introduce a tax on property but he could add further council tax bands.
Changes already announced in the Autumn Statement in December include an above-inflation increase in the income tax personal allowance, reduction in corporation tax rate and lowering of additional rate of income tax to 45 per cent.
Tim Davies, head of tax at Mazars, said: "Since December the economy has not performed as well as the government hoped, the media have continued to put pressure on the Government to be seen to do something to increase the tax multinationals pay in the UK, particularly as it has not been possible to stave off the downgrading of the rating of UK Government debt.
"We expect a theme of his budget speech will be to show how the changes deal with these and other economic issues."
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