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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| Charities stand to lose up to £75 million from Budget reform |
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23 March 2007 |
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Charities face losing over £75 million per year from April 2008, as a result of the reduction in the basic rate of income tax from 22% to 20%, announced in the Budget. Charities recover basic rate tax from HM Revenue and Customs when donors give money under the Gift Aid scheme – this provides some £750 million per year of income. A charity receiving a £10 donation will currently receive a gift aid refund of £2.82. However, from April... |
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| Robbing Peter to pay Peter - Roger Bootle's comment on the 2007 Budget |
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21 March 2007 |
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This was a bold, and indeed a big, budget but its impact on the economy will be minimal. It was designed to make a political, rather than an economic, impact, and in that regard it was brilliantly structured to make life extremely difficult for the Conservatives.
It pivots around two major headline-grabbing measures – the 2% cut in corporation tax and the 2% cut in the basic rate of income tax. But each of these was offset by revenue raising measures which almost exactly financed the cuts – the reduction of various allowances against corporation tax and the abolition of the 10p starting rate of income tax.
As a... |
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| UK business to welcome R&D extension in 2007 Budget announcement |
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21 March 2007 |
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UK business will welcome today’s announcement regarding the extension of the R&D tax regime. The Government announced its intention to increase the rate of relief for SMEs to 175% of qualifying R&D expenditure and 130% for larger companies. In addition, the Government also announced it will extend the definition of the SME regime to companies with between 250 and 500 employees, a move that was announced originally in the 2005 Pre-Budget Report.
Speaking in response to today’s announcements, David Cobb, head of R&D tax at Deloitte, said:
"This has gone further than we expected... |
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| Chancellor shuts door on insurance bond benefit for savers |
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21 March 2007 |
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The Chancellor is punishing thousands of wealthy savers by closing the door on a strategy that has been used to enhance returns on cash based investments within an insurance bond. Stuart Davies, wealth advisory director at Deloitte, said: The repayment of commission to investors, which is deemed to be exempt from tax through a Statement of Practice, has been used to provide artificially high returns on cash and enhance returns. “This is a common investment strategy, usually aimed at higher levels of investment. Today’s Budget will effectively stop this practice for investments above £100,000 for short term policies. This... |
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| Government sets out green measures to tackle company fleets carbon footprint |
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21 March 2007 |
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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.
There has been an increased focus on the carbon footprint of the company car fleet. Vehicle excise duty rates have disproportionately gone up for very high emission cars (£300 now and £400 from April 2008). Petrol has also been aligned upwards to mirror the diesel rates.
Alison Chapman, tax partner at Deloitte said:
“These changes may not influence the sale of new high emission cars to a retail customer. However the effect on companies is likely to be very... |
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| City leads world stage on Islamic Finance, after Budget more far-reaching than expected |
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21 March 2007 |
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Peter Muir, tax partner at Deloitte, said: “Reforms to the taxation of Islamic finance should be applauded. The UK is the only country which is changing legislation to create a level playing field for both individuals and companies investing in Islamic finance products.
"Reform of sukuk (Islamic bonds) is the latest addition to the suite of specific legislation that gives certainty to the taxation of Islamic financial products. Before this reform was introduced, there was ambiguity around how capital gains tax, income tax and capital allowances would apply to these products.
“Gordon Brown seems to have taken... |
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| Gaming operators to pay in Budget; gaming duties to rise by 25% |
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21 March 2007 |
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The Gaming industry faces a raft of tax increases following the announcement of the 2007 Budget. Deloitte outline the key changes to betting and gaming taxes.
Remote Gaming Duty:
Rate announced – 15 % of gross profits.
Commenting on the change, Karen Potts, Betting & Gaming Tax Partner at Deloitte said: “There was a hope and expectation that the Remote Gaming Duty (RGD) would be lower than 15%. The tax rate alone will never be enough to encourage online gaming operators onshore but at this rate it will be a disincentive and is unlikely to encourage operators to operate from the UK and... |
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| Property tax changes in Budget; Deloitte outlines property issues in 2007 Budget Report |
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21 March 2007 |
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Phil Nicklin, Real Estate Tax Partner at Deloitte comments on the key property tax changes announced in this year’s Budget.
Empty Property Relief
The Chancellor is aiming to raise approximately £1 billion a year from 2008 by restricting Empty Property Relief (EPR) from business rates - now only 3 months for all property (formerly 100% relief for 3 months and then 50% thereafter) except for industrial and warehouse properties which is 6 months (formerly 100% exemption indefinitely).
Commenting Phil Nicklin said: "The Government would like this measure to encourage empty properties back... |
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| Landfill tax rises to cost over £28 per household |
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21 March 2007 |
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The average family in the UK faces an increase of over £28 in their council tax rates over the next three years following announcements in today’s Budget to increase the landfill tax rate.
Landfill tax will rise by £3 per tonne of landfill to £24 as of 1 April 2007. This will be followed by a rise of £8 per tonne to £32 in 2008 and a further £8 rise to £40 in 2009. With the average home generating between one and one and a half tonnes of refuse for landfill per year, we estimate this will cost the average family over £28 per year once all of the rises come into force.
Daniel Lyons, indirect tax partner at... |
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| Lyons Report fails to achieve potential |
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21 March 2007 |
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The Lyons inquiry has today announced its final results.
Mark Lawrie, Deloitte partner, said: “Given the lengthy and careful deliberation of the enquiry the outcome is somewhat disappointing.
"It appears that the principles underpinning local government funding will remain largely unchanged.
"The impact of the reports most radical recommendations; to introduce a tourist tax and to allocate a proportion of total income tax to fund local government services; has been significantly reduced by allowing the government to merely "consider" their introduction.
"By encouraging adoption... |
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