Another year, another budget, another waste of time.
All the big decisions have already been taken bailing out profligate banks. And therefore nurturing growth should have been the cornerstone for this one.
Instead we have punitive personal taxes including marginal rates of up to 61.5%; a reduction in tax relief on personal pension contributions – and, hidden in the small print, company pension contributions will be treated as a taxable benefit. This will be the final nail in the coffin of the final . Gordon Brown – having started the process with the abolition of the pension tax credit some years ago. So, stifled net income, and stifling company contributions. Welcome to the nanny state.
For a summary of the main points, these can be found on our website. (you will need to be registered in order to view certain content)
nil desperandum
Kevin Beare FCA