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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| 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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| Chancellor rebalances UK business tax system |
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21 March 2007 |
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Bill Dodwell, head of tax policy at Deloitte, analyses the impact of the Budget on UK business:
“The Chancellor’s trump card – a cut in the UK Corporation tax rate from 30% to 28%, from April 2008 – certainly grabs the headlines, but the impact of all the Budget measures gives away no cash to UK business overall.
“While the cut - which will cost the Treasury over £2 billion annually - will please business, it will be offset by the reduction of the main rate of capital allowances to 20% from 25%.
“These changes represent the biggest changes to the capital allowances regime... |
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| Will the Chancellor sign off with a Budget for business? |
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19 March 2007 |
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With Wednesday’s Budget expected to be Gordon Brown's last, the big question is whether he will go out with a bang, by setting out a strong plan for taxation policies to be adopted by his successor. UK businesses will be looking for reductions to the tax base or the tax rate, as well as simplification of the tax system and measures to make HM Revenue & Customs (HMRC) easier to deal with. We expect to hear rather more about the latter area than the first two. Bill Dodwell, head of tax policy at Deloitte, said: “The most interesting question for this Budget is whether we'll see the promised consultative document on... |
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| Commentary by Roger Bootle: the likely shape of the 2007 Budget |
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18 March 2007 |
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Gordon Brown will seek to use his eleventh and final Budget to underline his legacy as Chancellor. And he will doubtless trumpet the good performance of the economy during his tenure. He will be able to say that this good performance has continued to the present. Over the last year, the economy has outpaced even his upbeat expectations. Over 2006 the economy grew by 2.7%, compared to his forecast of 2-2.5%. And he is also likely to be able to announce in the Budget that his own fiscal rules have been met over the economic cycle. Despite this apparently good news, considering the strength of the...
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| Deloitte appoints trading and exchanges expert |
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18 March 2007 |
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Deloitte, the business advisory firm, has announced today the appointment of David Myers, financial services partner. David was previously a partner with The Capital Markets Company (Capco), a financial services consulting technology business, where he led their European capital markets and market infrastructure practice. Prior to Capco, David worked with Anderson Consulting.
Vimi Grewal, head of investment banking at Deloitte, commented: “We are delighted that David has joined the team. David has an impressive track record, having supported the leading, global investment banks and exchanges on a... |
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| Europe’s gas executives do not support further consolidation |
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14 March 2007 |
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Representatives of the gas industry from across Europe today expressed collective lack of support for further consolidation within the industry, reveals business advisory firm Deloitte. Only 6% of the delegates surveyed by Deloitte at Europe’s largest gas conference, FLAME*, believed Europe’s competitive strength in global energy markets would be improved through further consolidation. When asked what benefits could be expected from further consolidation, 36% responded that further corporate consolidation within the European gas and power sector should not be encouraged. Asked which measures would increase Europe’s competitive... |
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| Deloitte launches UK wide advertising campaign |
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14 March 2007 |
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Deloitte, the business advisory firm, today launched a national advertising campaign to build understanding of the breadth and depth of its services and the unique position it holds in the market place. The UK advertisements will be positioned on outside sites in London; in key commuter train stations across the UK; and national print and online media over the next six months. The advertisements play on the all round strength of Deloitte in the market. Richard Buck, Deloitte Partner and head of Brand and Business Development, commented on the campaign: “An increasingly global economy means that businesses face ever growing... |
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