Budget: What to expect?
The Standard debates what George Osborne will announce in the Budget today. The paper suggests that the Chancellor is set to crack down on tax avoidance by multinationals, with plans to cut tax relief for debt interest payments likely to form one pillar of a so-called business tax roadmap. More measures on tax evasion are also expected as well as plans to digitise HMRC to make it easier for individuals to keep up with their taxes. The paper adds that there could be an announcement on business rates and potentially a rise in fuel duty. Meanwhile, banks will be hoping that the Chancellor opts to leave the bank levy alone, while a potential sale of former Bradford & Bingley mortgages held by UKAR could be announced. Elsewhere, the FT predicts that tax rises are likely to exceed any cuts, while the Telegraph says insurers will be most affected by the Chancellor’s plans to raise the insurance premium tax to 12.5%. Meanwhile, Larry Elliott in the Guardian suggests that a few “modest” tax cuts will be paid for by stealth taxes.
Source: Evening Standard (16/03/2016)