UK Budget, March 21 2007 - Business
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87.3%masterstroke
12.7%
Business campaign on corporation tax pays off
Business welcomed the cut in the corporation tax rate from 30 to 28 per cent, but was concerned over the reduction in capital allowances for plant and machinery that will claw back the cost for the exchequer.
Boost for London as Islamic finance capital
Ambitious plans to make London the western capital of Islamic finance moved a step closer as the government announced tax relief for sukuk – bonds that comply with Koran
N Sea oil and gas excluded from tax cut
North Sea oil and gas companies were dismayed to discover that they would not benefit from the the 2 percentage point cut in the corporation tax rate while consultations continue on their sector
Giving with one hand, taking with the other
The cut in the corporation tax rate, by 2 percentage points to 28 per cent, was hailed as an important step in improving Britain’s competitiveness.
Crack down on empty property
The tax relief available for empty industrial properties will be restricted to six months, and for empty offices and retail premises to three months.
Asset sales and administrative cuts at the ready
Asset sales, efficiency savings, and big annual cuts in the administrative budgets of government departments were deployed by the chancellor to underpin his public spending plans
Carbon credit trading given a boost
Hedge funds managed from Britain will find it easier to join the booming trade in carbon emission credits after being given a tax break in the Budget
Sunnier outlook for holiday home taxpayers
People who have bought overseas holiday homes through companies will enjoy lower income tax charges following changes flagged in the Budget
Budget hints at planning tax
A new planning commission, which would oversee the creation of new infrastructure in the UK is likely to be included in a planning white paper
‘Door closed’ to online gambling
Online gambling companies face a tax of 15 per cent if they apply for a UK licence, a level that will almost certainly mean most operators decide to remain offshore.
