Banking Tax Finance
Banking Tax & Finance Issue 8 | Budget Special 2010
In this Issue
Osborne Recognises Importance of Investment Incentives
Budget Tax Special
Enhanced Capital Allowances - More Valuable Than Ever Before
UK Capital Allowances -vs- International Tax
The Impact of the Budget on REITS
Goose Plucking: For a Few Feathers More
FHLs - Some Good News in the Budget!
Grants Newsletter - Grants in the New Era of Austerity Measures
 
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Welcome

In many ways George Osborne’s first Budget on 22 June was nowhere near as drastic as many were expecting. The message was clear though - the UK is facing the most significant package of tax rises and spending cuts over the term of this parliament than any of us will have experienced in our lifetimes.

Mr Osborne did, however, recognise that economic growth and a stable environment were necessary to restore confidence and so support the UK's finances. He very importantly also recognised the importance the private sector is going to have to play in rebuilding the economy and this budget was a balanced attempt to recognise this against a need to still increase tax revenues.

In this budget special edition of Bottom-Line Thinking we cover all of the main changes announced by Mr Osborne, as well as looking at some of the things he didn’t say or hinted were up for further consultation which included; wider consultation on business tax, publishing proposals to improve the way tax policy is made, create an independent Office of Tax Simplification, widening of anti avoidance, look at consortium relief.

Also please don’t forget that in addition to this newsletter we are also holding a series of seminars across the county during this month, further details of how to register can be found here.

We also have the main budget changes in video format a link to these is here.

A summary of each article is contained below, to view the full article please click on the 'more' links.

Many more articles and technical resources can be found on the Davis Langdon Banking Tax & Finance teams website at www.bankingtaxfinance.com. Look for the ‘view all resources’ button on our homepage.
 
Osborne Recognises Importance of Investment Incentives
After much hype and press speculation around how the new coalition was going to fund their utopian environment of lower corporate taxes, the perceived easy target of drastically reducing rates of Capital Allowances were in the end only trimmed very modestly and also given a 21 month reprieve before taking effect.

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Budget Tax Special
In this 'Budget Tax Special' we look at some of the main tax issues in more detail and suggest what they could mean for the property and construction sectors, as well as considering what further changes may lay ahead.

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Enhanced Capital Allowances - More Valuable Than Ever Before
Following the changes to the Capital Allowances regime announced on 22 June, the importance of maximising this tax relief has never been more crucial. The value of the 100% Capital Allowances such as Enhanced Capital Allowances had already increased significantly.

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UK Capital Allowances -vs- International Tax
The UK is not the only regime offering investors, owners and occupiers valuable incentives to invest in plant and machinery. Increasingly there is a need to direct more ‘responsible’ investment to energy saving and green technologies to reduce carbon consumption and it is highly likely such ‘rewards’ will need to be scaled up much further if economies are to hit more stringent carbon reduction targets.

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The Impact of the Budget on REITS
Chancellor Osborne's first Budget included two proposals which will affect distributions by REITs to shareholders. One proposal will directly affect the quantum of such distributions to shareholders, and the other proposal will directly affect the way REITs make such distributions to shareholders.

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Goose Plucking: For a Few Feathers More
The most anticipated budget for years, gave rise to an inevitable farrago of speculation on UK taxation from anyone with a passing interest. By the time George Osborne had sat down, however, most of the expected changes had failed to fully materialise - with the notable exception of the rise in VAT to 20%.

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FHLs - Some Good News in the Budget!
One piece of good news in George Osborne’s first budget was that the repeal has been repealed! The FHL rules are being retained in their present form (including the extension into the EEA countries) until April 2011.

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Grants Newsletter - Grants in the New Era of Austerity Measures
With the new Coalition Government having been in office for a few months and having given its first ‘emergency’ budget on 22 June, we consider within this newsletter the current and future availability of grants and those organisations that will administer future funding programmes.

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Whilst every effort has been made to ensure accuracy, information contained within our newsletter may not be comprehensive and recipients should not act upon it without seeking professional advice.