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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| Private equity prepares to end 2005 on a five year high |
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18 December 2005 |
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Preliminary end of year figures announced today by CMBOR, the pre-eminent provider of analysis on the UK buy-out market founded by Barclays Private Equity and Deloitte, has shown the buy-out market has enjoyed huge success in 2005 and is expected to reach a five year high of £23 billion at the year end,12% ahead of 2004.
Tom Lamb, Co-Head of Barclays Private Equity, commented: “2005 is set to be the best year for the buy-out market since the heady days of 2000. However, the shape of the market has changed dramatically over that period. The best hunting ground for private equity firms now, is either buying from competitors or from the... |
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| Court of Appeal: Artic Systems wins tax case |
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15 December 2005 |
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Today (15/12/05) the tax payers won the Arctic Systems case in the Court of Appeal. The 3 judges decided unanimously that there could not be a settlement with an element of gift from Mr Jones to his wife where they entered into commercial arrangements not designed at the outset to transfer income.
James Ferguson, tax partner at Deloitte, comments:
“The victory will be hailed as an early Christmas present not just for the taxpayers in this instance, but for husband and wife businesses throughout the country who should be able to rely on the judgement when completing their 2004-05 self assessment Tax Returns, due by 31 January 2006.... |
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| European Court of Justice upholds Marks & Spencer’s claim |
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13 December 2005 |
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Marks & Spencer (M&S) won a victory over the UK government in the European Court today (13/12/05). The decision enables them to offset losses made in other EU Member States against UK profits, but only if the losses cannot be used in the other Member State against current or earlier profits, and there is no possibility of the losses being used that way in the future.
The European Court of Justice accepted that the UK’s “group relief” legislation, which prevents foreign losses being set against UK companies’ profits, pursues legitimate objectives which are compatible with the EC Treaty. However the Court has decided UK law... |
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| Goodbye company car? |
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12 December 2005 |
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Deloitte report considers the future of the company car market,and the implications for car manufacturers, leasing and fleet management companies, businesses and their employees
Companies must balance cost and business efficiency with corporate responsibility and employee aspirations as the debate over the merits of the company car as a key remuneration benefit intensifies. In a report launched today, Goodbye Company Car?, Deloitte, the business advisory firm, argues that far from abandoning the company car (with the current trend moving towards cash-based alternatives), businesses need to use a combination... |
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| Brits will spend over £150m a day online in run up to Christmas |
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12 December 2005 |
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- More than half of UK consumers will buy online this Christmas
- 18% of retailers do not think the internet is important to them
- 45-55 age group are most likely to use the internet to buy most of their gifts
- Consumers in the North West will be using the internet the most this year
- High Street store websites are the most popular for Christmas shopping
Over the last seven years attitudes towards online shopping have shifted dramatically. This year more than half of UK consumers will shop online in the comfort in their own homes rather than battling the crowds on the high street. According to...
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| Bloodied but unbowed - Pre-Budget Report 2005 |
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05 December 2005 |
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- Gordon Brown swapped his annual Santa Claus act for something closer to Robin Hood, taking from the rich oil companies to give to poorer families and pensioners. Sooner or later, however, he will have to play King John and raise taxes more widely if he is to put the public finances back on track.
- Not surprisingly, Mr Brown blamed this year’s economic slowdown on things beyond his control, such as the high oil price and weakness of overseas economies. But this jars with the MPC’s assessment, and my own, that household spending has been partly weighed down by a rising tax-take and other domestic factors. Moreover, it is...
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| North Sea asset values reduced by £8.7 billion |
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05 December 2005 |
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In his Pre-Budget Report, the Chancellor Gordon Brown announced that once again he intends to raise the level of taxes levied on UK North Sea oil & gas production, with effect from 1 January 2006.
Despite the windfall of bumper North Sea tax receipts resulting from current high oil price levels, Gordon Brown has decided to raid the North Sea for additional revenues by increasing the level of the Supplementary charge to Corporation Tax (SCT) by 10% to 20%.
In 2002 the Chancellor introduced the 10% SCT charge for North Sea activities in addition to 30% Corporation Tax (CT) and as recently as his March 2005 Budget had... |
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| Deloitte reaction to the Pre Budget Report |
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05 December 2005 |
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Gordon Brown’s Pre-Budget Report given today (5/12/05) sets out much of the policy and detail of the new tax legislation which will be included in next year’s Finance Bill.
Bill Dodwell, tax partner at Deloitte, comments:
“Business will be relatively pleased by the low level of tax changes proposed in today's Pre Budget Report. Despite rumours of continued action against anti-avoidance, there were limited, but targeted, tax changes.
“Property groups will welcome the introduction of the new REITs regime from 2006 - but will want to see how big the conversion charge will be. A REIT is a tax-exempt... |
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| 62% would support inclusion of nuclear in future UK energy policy - but only as part of a diversified portfolio including renewable energy |
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02 December 2005 |
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The majority (62%) of the UK population say they would support an energy policy that combines increased renewable energy technologies with cautious nuclear re-build, reveals a survey by Deloitte. In contrast, only one in three people (36%) say they support the use of nuclear technology itself, suggesting that support for nuclear increases significantly when there is some reassurance that it would not be in place of renewable sources.
Carl Hughes, UK Head of Energy at Deloitte, commented: “Although there is much debate on the pros and cons of nuclear itself, there appears to be a misconception that nuclear and renewables are an... |
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| Turner meets objectives of pension saving for all but... |
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30 November 2005 |
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50,000 jobs at risk from Turner pension reform
Cost to UK plc of National Pension Saving Scheme £4 billion p.a.
The proposed UK pension reform announced today by Lord Turner, Chairman of the Pension Commission, will meet government objectives of boosting pension savings.
Commenting, John Connolly, UK Chief Executive and Senior Partner, Deloitte said:
“Lord Turner’s proposed reforms could lead to a seismic shift in the structure of the pensions market. While it is clear that the proposed recommendations meet the important objective of increasing pension savings, the framework put forward by Turner has... |
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