Alistair Darling’s took a beating from the entrepreneurial community after delivering his pre-Budget report last October. The abolition of Taper Relief in favour of a flat Capital Gains Tax of 18% was met by stern protests, many of which were not assuaged when he announced a new entrepreneurs’ relief last month.
And so we wait with baited breath for what he has in store for us on 12 March, the date set for his first Budget. Will he listen to cries from the small business community for a reduction in corporation tax? Should we expect further fundamental changes to the tax system. What’s to become of the non-doms row? Will Stelios soon be booking a one-way flight back to Greece?
Andrew Jupp, head of tax at entrepreneur think-tank the Tenon Forum says he’ll be counting the number of times Darling utters the word ‘simplification’ before introducing a complicated new list of changes.
“Most people would agree that our current system of taxing small businesses is a mess!,” Jupp declares. “We expect that the chancellor will make lots of references in his speech to reducing admin burdens, but we will be looking very closely at the small print to see whether or not the intention is actually translated into practice.
“History is not on the government’s side here, but perhaps this year things will be different.”
Perhaps it will, but I’m sure you’ll have plenty to say either way. Watch this space…
