The darling buds of May…..
So what can we expect on tax going forward?
Based (solely) on Theresa’ Mays recent speech in Birmingham it looks like more, possibly considerably more, of the same. The highlights and lowlights for me were: -
- we believe in a low-tax economy, in which British businesses are more competitive and families get to keep more of what they earn:
- tax is the price we pay for living in a civilised society;
- you have a duty to put something back, you have a debt to your fellow citizens, you have a responsibility to pay your taxes;
and the punchline -
- as Prime Minister, I will crack down on individual and corporate tax avoidance and evasion.
Of course tax avoidance is a phrase that covers a vast spectrum of legal planning from using tax free vehicles such as ISAs to routing funds through tax havens. Our new Prime Minister has her work cut out in drawing the lines in this area.
The current stance from HMRC and the courts is pushing against planning to reduce tax. It will be interesting to see what the new Chancellor sets out in the Autumn Statement and what happens to the 2016 Finance Bill – still not signed
Date: 15th July, 2016
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