Autumn Statement

Autumn Statement

Autumn Statement

 We support the IoD’s position on the Autumn Statement  (set out in their recent press release) and hope that it will address the following:

  • Broad-based simplification of business taxation for smaller listed companies and entrepreneurial companies
  • Reforming capital taxation (including inheritance tax, capital gains tax and Stamp Duty Land Tax (SDLT) which distorts economic behaviour and collects relatively little for the Exchequer.
  • Simplifying personal taxation bands and allowances to remove the ‘kinks’ in the system and the UK’s relatively high marginal tax and national insurance rates at each income level.
  • Establishing a long term vision for the replacement of corporation tax, which is increasingly unsuited to the fast chasing global and e-business economies.
  • Delivering personal tax reforms, combining income tax and the so-called national insurance contributions.
  • Offering a supplementary arrangement for a simplified and more flexible pension savings system, based on the ISA model removing tax relief at source but not taxing withdrawals after age 55.

Let’s see what tomorrow brings.

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