Why are more and more companies talking about their total tax contribution? Tax and transparency is under more scrutiny than ever by politicians, regulators, the media, civil society and investors. CEOs tell us that tax issues are the top threat to business growth in today’s economy. And we expect tax...
By Nick Jones, Global Director of PwC’s Public Sector Research Centre The Queen’s Speech, the quaint tradition by which the government of the day sets out its annual legislative programme amid much pomp and no little ceremony, contained few surprises. Nevertheless, it was still of real interest in showing the...
Details of the new research and development expenditure credit (RDEC) have been clarified in Finance Bill 2013. The RDEC will apply in relation to the current accounting period for many businesses, which could mean an increase in both the effective tax rate and profit before tax. This could have a...
HM Revenue & Customs (HMRC) has now announced the start of three new disclosure facilities – the Isle of Man, Guernsey and Jersey Disclosure Facilities. Details of the process that clients can follow to take advantage of the facilities, along with FAQs, were published on HMRC's website. So, how can...
Budget 2013 brought a welcome update to the inheritance tax rules that apply to married couples and civil partners where one is domiciled in the UK and the other is domiciled outside of the UK. Prior to the change on 6 April 2013, a UK domiciliary could only leave £380,000...
In challenging economic times, the Chancellor needed to announce a confident, stable Budget; one based on sound, practical, economic decisions, rather than vote-winning, short-term, political solutions. So, has he delivered on this? The Budget certainly had a more positive tone than we expected with a strong emphasis on supporting the...
Real estate As expected, a new annual tax is being introduced for high value (£2m+) residential property held by companies and used for owner occupation rather than business purposes. The tax is being accompanied by an extension to the capital gains tax regime, so that owner occupied properties sold for...
Today’s reduction in the headline corporate tax rate to just 20% from 2015 makes the UK corporation tax rate the lowest in the G8 and delivers one single headline rate. This is the fifth time the Chancellor has cut the rate and 20% seems a likely landing point for this...
The Chancellor is sticking to his guns and emphasising Britain is open for business by cutting the corporation tax rate, and reiterating a commitment to ‘building the most competitive business tax system in the world’. Having set low expectations given the limited room for manoeuvre, Budget 2013 was, at least...
UK tax datacard 2013/14 A quick reference guide to UK tax rates and allowances for individuals, companies and other taxpayers following announcements in Budget 2013. This data was prepared on Budget day 20 March 2013. It's a brief overview for temporary reference and general guidance on matters of interest only,...
The Chancellor introduced the theme of an "aspiration nation" in Budget 2013. How much impact will the measures announced have on reigniting the economy, sparking growth and increasing business confidence? Michael Magee, Advisory Partner, talks through some measures announced by the Chancellor aimed at increasing business confidence, including the 20%...
In this short video, Barry Murphy, PwC Tax Partner, talks about the impact of Budget 2013 on larger businesses and whether George Osborne is continuing to deliver on his commitment to send the message that Britain really is 'open for business'. Measures announced include the early introduction of the 20%...
Phil Harrold, PwC Automotive partner, commented on the fuel duty freeze, saying: "Whilst the freezing of fuel duty is welcome to the beleaguered motorist, the offsetting risk is the exchange rate with the US dollar. As the British pound falls, then petrol prices, which are dollar driven, are forced higher...
“News that the personal allowance for income tax will rise to £10,000 in 2014 is great news for the regional economy. An increased personal allowance will provide additional incentives for people to enter the workforce, which will stimulate growth and further economic recovery."
The Chancellor confirmed that the introduction of the single state pension has been brought forward by one year to start in April 2016. Steven Blackmore, director in PwC’s pensions team, said: "The simplification of the state pension system is very welcome. Bringing its introduction forward a year to 2016 will...
Andrew Dale, corporate tax partner at PwC, said: "Today's announcement to reduce the headline tax rate to just 20% from 2015 makes the UK corporation tax rate the lowest in the G8 and delivers one single headline rate. This is the fifth time the Chancellor has cut the rate and...
The Government today announced revisions to its proposals to prevent suppliers who undertake aggressive tax avoidance from winning Government work. The proposals were announced a few weeks ago with just a 10 day consultation period, and were met with considerable concern by businesses about the practicalities. Stuart Wallace, Head of...
Commenting on the impact of the Budget on business, Stuart Wallace, tax partner at PwC, said: "The Chancellor gets marks for sticking to his plans, emphasising Britain is open for business by cutting the corporation tax rate, and simplifying the system too. There was actually very little unexpected, but the...
Sandie Morgan, Tax Senior Manager at PwC, said: "As expected, a new annual mansion tax is being introduced for high value (£2m+) residential property held by companies and used for owner occupation rather than business purposes. The mansion tax is being accompanied by an extension to the capital gains tax...
The Chancellor, George Osborne, has delivered his fourth coalition Budget to the House. How have his priorities changed during four years in government against a persistently challenging economic backdrop?
