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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| Budget 2006: implications for Regional Development Agencies |
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23 March 2006 |
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Heather Hancock, Head of Regional Development and Regeneration at Deloitte, comments on the implications of Budget 2006 for the Regional Development Agencies (RDAs). “The Chancellor’s pre-budget report last year indicated what the key thrust of his Budget announcement for the RDAs and the regeneration sector would be. The Government’s current approach to regional economic development - led by the RDAs - has been in place for seven years. The Chancellor announced the logical next step - to intensify their focus the globalisation opportunity, and the continuing challenge in sustaining the skills base demanded by British... |
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| Deloitte comments on REITs and SDLT Budget announcements |
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22 March 2006 |
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Commenting on today’s announcement on REITs (22/03/05), Phil Nicklin, real estate tax partner at Deloitte said:
“The Treasury has taken on board most of the major points made by the property industry during the consultation process. The revised rules will result in a flexible regime, which makes it likely that the major listed UK property companies will convert to a REIT and that the REIT sector will get off to a good start. However, the conversion charge may be a little too high to tempt those who have established listed property companies offshore back into the UK.”The main announcements made today... |
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| Simplifying the life insurance industry to aid competitiveness, Budget 2006 |
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22 March 2006 |
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In his Budget speech today the Chancellor referred to making Britain a location of choice for international business and ensuring, through discussion with business, reforms to corporation tax maintain UK competitiveness. As anticipated, the Budget announcement confirmed HM Revenue & Customs will undertake a consultation with the life insurance industry in the Spring to consider simplification of the current corporation tax regime applicable to life insurance companies. The review will focus on a limited number of aspects aimed at removing barriers to commercial transactions. Peter Wright, tax partner at Deloitte, commenting on... |
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| Tax partner at Deloitte comments on the 2006 Budget |
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22 March 2006 |
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Bill Dodwell, Partner in Tax at Deloitte has commented, "Business will be pleased with this Budget, which does not raise significant new tax or increase complexity. There are some anti-avoidance measures, most of which close small loopholes in previous anti-avoidance legislation and which are budgeted to raise £135 million in 2006-07. Some Stamp Duty Land Tax saving schemes are to be closed and the seeding relief (a relief on property transferred into a unit trust) is to be abolished, following its use in unintended circumstances. The property industry had suspected this for some time. "REITs will be introduced from 1... |
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| The Budget that never was |
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22 March 2006 |
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In macro terms this was one of the least significant budgets in living memory. The net giveaway in the coming year was a mere £400 million, counterbalanced by £400 million claw back the following year. We now know why there were no pre-budget leaks. For even the most imaginative of Treasury officials it would have been nigh on impossible to find anything worth leaking. The reason for the lack of major measures is that, having taken the pain of accepting downward revisions to the growth forecasts and upward revisions to the borrowing forecasts last December, and with the economy now having stabilised, there was no... |
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| Deloitte reaction to North Sea oil and Carbon Capture Storage |
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22 March 2006 |
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Julian Small, Energy Tax Partner at Deloitte, commented in reaction to today's Budget announcements: "Following an initial announcement in the 2005 Pre-Budget Report, it has been confirmed today that the rules for valuing non arms length oil sales are to be changed with effect from 1 July 2006. The detailed technical changes introduced today follow a period of consultation with the oil industry and are intended to remove perceived tax distortions to commercial decision making because of the higher than normal tax rates which apply to North Sea oil & gas extraction (50-75%) relative to oil trading activities (30%). "The... |
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| 2006 Budget Predictions - Will record tax receipts bring respite to business? |
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21 March 2006 |
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Deloitte spokespeople
The following experts at Deloitte are available now and on the day of the Budget for comment. Please call Danielle Anthony on 020 7303 3861 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.
David Cobb - R&D tax relief
Bill Dodwell - Business taxation, anti-avoidance, tax reliefs for the Olympics
Peter Millwood - Biofuels
Patricia Mock - Personal tax
James Ferguson - Small... |
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| Private equity gears up for healthcare real estate |
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20 March 2006 |
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Private equity is gearing up substantially for a second bumper year in healthcare, according to Deloitte, the business advisory firm.
Tim Murphy, Co-Head of Debt Advisory at Deloitte, commented: “We are seeing frenetic activity in the private equity industry as it looks to make returns on the inherent earnings potential and underlying property value of healthcare. Taking into account funds raised by the UK private equity industry in 2005, recent levels of interest in healthcare and typical multiples, there could be around £15 billion looking to invest in the sector (this is notwithstanding the huge amount of... |
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| Video games boom, but there's no room for complacency |
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20 March 2006 |
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At the start of the Game Developers Conference 2006 in San Jose this week, Deloitte predicts that by 2010 over 80 million adults will be regular video game players, with pervasive use in western countries and increasing penetration levels in developing countries. However given the games sector’s over-cyclical nature, there is no room for complacency.
Ed Shedd, head of media at Deloitte, comments:
"2006 is going to be one of the strongest yet for the video game market, boosted by the... |
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| Budget relief for SMEs: R&D tax credits |
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20 March 2006 |
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On Wednesday the Chancellor is expected to confirm the introduction of a number of measures aimed at increasing the level of research and development (R&D) expenditure undertaken in UK. This follows proposals announced before last year’s Pre-Budget Report. A key element of the measures expected to be announced is improving the experience for claimants and reducing the inconsistent treatment between individual tax districts, particularly in areas such as software and engineering. David Cobb, head of R&D tax services at Deloitte, comments:
“Measures expected include... |
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