Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| Move towards longer term fixed rate mortgages may benefit both lenders and consumers |
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12 March 2008 |
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Commenting on the Government's plans to encourage lenders to offer longer term fixed rate mortgages, Chris Samson, head of secured lending at Deloitte, said:
"Despite the Government’s desire for lenders to offer long term fixed rate mortgages to consumers, a substantial industry effort would be required to persuade the public to buy them. Recent research by YouGov for Deloitte, indicated that only one in 10 borrowers would consider fixing their mortgage rate for between 10 and 25 years.
"However, there does appear to be untapped consumer appetite for 5-10 year deals. Nearly four out of 10 borrowers (38%) would... |
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| Hoping for the best - Roger Bootle's response to the 2008 Budget announcement |
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12 March 2008 |
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As expected, this Budget contained no substantial new tax measures, and no substantial changes to government spending. The main interest was in the change to the Treasury’s economic forecasts and the associated projections for government borrowing.
In the event, despite gloomy words from the Chancellor in his speech amid warnings about the slowing world economy and the turbulence in financial markets, the growth forecasts for this year and next were trimmed only marginally, by 0.25% in both years. This meant that the Chancellor adhered to the view that after slowing this year, the economy will pick up speed again next year. And... |
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| Government sets out measures to tackle high emission vehicles |
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12 March 2008 |
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The Government has set out a number of environmental measures in today’s Budget which will impact on company car fleets.
Alison Chapman, head of automotive tax at Deloitte, said:
"The tax relief for company cars will depend on the level of CO2 emissions. 160g/km and 110g/km will become key benchmarks. At the moment 160g/km is the one that will have an impact. There will be a big difference to the cost to the company of a car with emissions of 161g/km compared to one with 160g/km, all other things being equal.”
“As a result I expect a range of cars to no longer have a market within the mainstream company car... |
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| What the 2008 Budget means for business |
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12 March 2008 |
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Commenting on the impact of today's Budget on UK businesses, Bill Dodwell, tax partner at Deloitte, said: "Overall, there are not too many significant changes for businesses, which will be generally welcome. There are, however, a great number of small changes and the Budget pack of materials is one of the largest we've seen. The Treasury would help business (and HMRC) by reducing some of this volume of change. "On the whole, UK companies will not be pleased with the substance of today's Budget. Today's new measures, combined with changes announced in last year’s Budget, mean that businesses will pay an extra £2 billion a year in... |
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| Deloitte comments on entrepreneurial business measures in today’s Budget |
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12 March 2008 |
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Tony Cohen, Head of UK Entrepreneurial Business at Deloitte, said: “On the whole, today’s Budget contains some positive measures for entrepreneurs in the UK although they fall well short of what was taken away in the Pre-Budget Report through the abolition of Taper Relief and the changes in the treatment of non-domiciles.” “As expected, the ‘Entrepreneurs Relief’ was confirmed which effectively taxes the first £1m of lifetime gains arising from the disposal of interests in trading businesses at 10% rather than at the new rate of 18% which will apply from 6 April. This translates to a potential lifetime tax benefit of... |
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| Deloitte welcomes clarification of non dom rules |
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12 March 2008 |
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The Government has responded positively to the consultation over these controversial measures and we welcome the extensive changes published today.
Tony Cohen, head of private client services at Deloitte, commented:
"The exclusion of minor children from the '£30,000' regime, the drafting of the tax in a way aimed at securing a US tax offset for US nationals and the ability for the £30,000 to be treated as a payment of the UK tax relating to a real remittance are all sensible amendments to the original proposals.
"Certainly, the removal of offshore trusts from the UK tax net, unless income or gains are... |
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| Deloitte response to the Government’s Budget 2008 commitment to explore national road pricing to tackle congestion and emissions |
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12 March 2008 |
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Ian Simpson, a Deloitte partner, who leads the firm’s public transport consultancy team responded to the Budget 2008 commitment to better manage England’s road capacity, commenting: "The Budget 2008 demonstrates the Government’s willingness to tackle congestion by exploring the use of road pricing and adding motorway capacity through the use of hard shoulders. Although the timetable for developing these proposals by Pre-Budget Report 2008 is challenging, it clearly signals a commitment to tackle ever increasing levels of congestion on the road network and improve journey time reliability. "Equally, ensuring... |
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| Budget announcement to deploy biometric technology at Heathrow and other UK airports |
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12 March 2008 |
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The Government has made it clear in today’s budget that it intends to deploy biometric technology at Heathrow and other UK airports.
Bori Toth, who heads up the Deloitte Biometric Research and Advisory team, commented:
Since 2005, Heathrow, Gatwick and a number of other major UK airports already have biometrics, including the use of iris recognition, to speed up passenger travel, although the system is slower and more cumbersome than it could be. Iris-based airport programmes have already been shown to work far more effectively elsewhere, for example the Privium programme at Schiphol airport.
It is... |
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| Islamic finance: levelling the playing field |
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12 March 2008 |
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Peter Muir, tax partner at Deloitte, commented: “This year’s Budget looks to tweak previous measures made to bolster the philosophy of levelling the playing field for Islamic finance products with conventional financial products. A stamp duty barrier that was hindering the ability to issue Islamic bonds has been removed. This will enable overseas investors to invest in bonds issued out of the UK market, thus removing a hindrance to the continued expansion of the Islamic finance market in the UK.
“The Government has also used the Budget to announce that they will take further powers to enable them to facilitate a sovereign... |
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| North Sea fiscal regime |
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12 March 2008 |
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North Sea oil and gas ring fence activities
The government today has confirmed that it is proceeding with a package of reforms with regards to UK North Sea taxation. The announced changes, in particular the extension of relief for decommissioning expenditure, are a positive step and will be welcomed by the industry. These changes are helpful as they address a number of anomalies and concerns. However the result is not the major overhaul of the tax system significantly enhancing the future sustainability of the UK North Sea that some would have hoped for.Relief for decommissioning costs |
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