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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| Christmas cheer unlikely to last for long |
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07 December 2006 |
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The Monetary Policy Committee decided not to play Scrooge today by leaving interest rates on hold at 5%. But the Christmas cheer will not last long as interest rates are likely to rise to 5.25% in February of next year. Admittedly, the case for higher interest rates has diminished somewhat over the last month. The latest evidence suggests that retail sales have been soft at the start of the crucial Christmas trading period. The CBI’s reported sales balance fell from -4 in October to -9 in November and the BRC’s annual growth rate of like-for-like sales dropped from 2.6% to...
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| Deloitte scoops Personnel Today’s Award for Excellence in Graduate Recruitment |
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07 December 2006 |
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Deloitte, the business advisory firm and one of the largest recruiters of graduates in the UK, has won the ‘Personnel Today’ award for Excellence in Graduate Recruitment. The award, judged by a panel of industry experts, recognises best practice in the human resources profession. The firm was also runner up for a Talent Management award, which recognises an organisation’s ability to recruit and retain staff.
John Connolly, Deloitte’s Chief Executive and Senior Partner, commented: “This is an excellent achievement and follows Deloitte's earlier success this year, when we were ranked second in The Times Top 100 Graduate Employers... |
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| Deloitte experts available for comment on Pre-Budget Report |
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06 December 2006 |
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The following Deloitte experts are available for interview and comment on the Pre-Budget Report. Please call Jamie Harley on 020 7303 5037 if you would like to speak with a spokesperson prior to the speech. From 12pm onwards, please call Deloitte’s dedicated press hotline: 020 7007 3333, where you will be directly connected to one of our spokespeople. Bill Dodwell: Business taxation, anti-avoidance, tax relief for the Olympics
David Cobb: R&D Tax Credits
John Cullinane: Corporate tax
Kendra Hann: Indirect tax |
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| Deloitte questions value of green tax measures |
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06 December 2006 |
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Commenting on the 'green tax' measures announced by the Chancellor today, Bill Dodwell, head of tax policy at Deloitte, said: "The UK has low environmental taxes, which make up only 7.4% of total tax, at £36 billion. The major part - 92% - comes from fuel duty, vehicle excise duty and VAT on fuel. "The increase announced today of 1.25 p per litre on Petrol duty (and the equivalent for diesel) will cost a motorist travelling 10,000 miles just £23 a year. At this level, it is likely to simply represent an additional cost for motorists, including business, rather than leading to a reduction in... |
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| Gowers Review of Intellectual Property |
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06 December 2006 |
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Elizabeth Gutteridge, Intellectual Property Partner at Deloitte comments on the Gowers Review of Intellectual Property, announced today as part of the Pre-Budget Report.
"Gowers has recommended tweaks rather than fundamental change to the IP regime, recognising that 'if it ain't broke, don't fix it'. While wholesale change is not on the cards, Gowers has identified a series of reforms that could have an important impact on UK business: |
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| Pensions changes |
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06 December 2006 |
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Commenting on the pensions changes announced by the Chancellor today, Stuart Davies, Tax Director at Deloitte said: "The principle of Alternatively Secure Pensions (ASPs) was introduced as part of pension reforms to accommodate religious groups with objections to annuitisation. It seems that the Chancellor is concerned at the potential to use these rules for 'tax advantaged routes’ and that people will use them to pass on wealth that would otherwise be subject to mainstream IHT rules'. The main changes are: |
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| ISA and CTF changes |
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06 December 2006 |
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Commenting on the ISA changes announced by the Chancellor today, Stuart Davies, Wealth Advisory Director at Deloitte said: The proposed reforms to ISAs are a broadly sensible step to rationalise and simplify the regulations applying to this tax advantaged investment. Key points are:ISAs will be a permanent fixture in the savings landscape, having previously been planned to last until 2010; No increase in the annual investment allowance of £7,000, and no commitment for this to be reviewed; Effectively abolishing PEPs and bringing existing plans under ISA...
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| Landfill tax rises to encourage private sector to use alternative waste treatment facilities |
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06 December 2006 |
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Anup Shah, public sector partner at Deloitte, comments on today’s Pre Budget Report announcement that landfill taxes will rise next year:
"The pre budget report confirms that rises in landfill tax next year will be in line with expectations (an increase of £3 per tonne to £24 per tonne), but highlights that steeper rises are being considered for the future.
"Steeper rises will encourage the private sector to divert waste from landfill sites via alternative treatment facilities, which the current levels of tax are insufficient to do. Further demand for treatment plants would help local... |
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| Deloitte predicts new definition of 'mid-sized' company to boost R&D tax claims |
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06 December 2006 |
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As mentioned in today's Pre-Budget Report, the Government is currently in dialogue with the European Commission regarding the extension 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 the PBR, David Cobb, head of R&D tax at Deloitte, said: "Subject to approval by the European Commission, we expect to see the introduction of a new definition of a 'mid-sized' company. This should have higher thresholds for employees and possibly higher turnover and balance... |
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| Major simplification to insurance tax regime |
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06 December 2006 |
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Commenting on the insurance tax simplification measures announced by the Chancellor today, Peter Wright, Insurance Tax Partner at Deloitte, said: “The proposals and draft legislation announced today are largely as expected and reflect the strong industry/HMRC consultation that has taken place over the past six months. The changes are part of a wider review initiative that is ongoing following the publication of a technical consultation earlier this year. Key measures for the life insurance industry: - Simplification of rules applicable to transfers of business.
- The different categories of...
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