Pre-Budget tax cuts please firms and appease hauliers.
Author | Kinsella, Rebecca |
Position | United Kingdom tax policy - Brief Article |
Businesses have welcomed the chancellor's pledges
In his pre-Budget report, Chancellor Gordon Brown managed simultaneously to appease fuel protesters and appear as the pensioners' benefactor. Motorists and hauliers were offered concessions worth 2.25 billion [pounds sterling], along with tax cuts for "green" petrol and diesel, and other measures were aimed at helping farmers. The package was equivalent to a 4p per litre cut in fuel duty for motorists, and 8p per litre for hauliers, according to the Treasury. Pensioners, meanwhile, will receive an extra 5 [pounds sterling] a week (8 [pounds sterling] for married couples) from April 2001.
The chancellor also had good news for businesses. Withholding tax will be abolished on interest and royalty payments between UK companies from April 2001, there will be tax relief for companies if they sell substantial shareholdings, and VAT payments are to be made simpler for small firms.
But this good news may not be the whole story, according to some analysts. John Hawksworth, head of macroeconomies at PricewaterhouseCoopers, argues that the budget surplus is likely to be larger than the Treasury estimates by the spring. "This would create some potential scope for additional net tax cuts or spending increases in the Budget next March, over and above the measures already announced," he said.
PwC has welcomed the chancellor's invitation to consult over business tax. "It's good to see a consultation period on the new withholding tax proposals and...
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