Nationals, networks and support service firms give their views on what they would like to see in Wednesday’s Budget.
SimplyBiz chairman Ken Davy says: “ I would be happy to see stricter controls on the EIS and other tax shelters so that the schemes really do achieve their purpose of supporting genuine business and enterprise. I don’t expect it to happen but tax relief for financial planning fees would be a real encouragement for people to start to narrow the savings and protection gap.”
Tenet distribution and development director Keith Richards says: “It would be great to see more encouragement for innovation in the financial sector. Some people do not realise how important the financial sector is to GDP growth in the UK. There should be an incentive in the long term for UK savers and there also should be an effort to bridge address the protection and savings gap.”
Positive Solutions chief executive Jim Reeve says: “I would like to see measures that will stimulate real growth for small and medium sized businesses. There should be tax incentives to get people back into work. There is an opportunity to reinstall consumer confidence in UK plc. Anything with a growth focus would be a good outcome, we need to keep the ship stable.”
Lighthouse Group head of research Andy Gadd says: “The office of tax simplification report will hopefully help get rid of outdated things such as exemption from tax for first £70 of earnings and the 15p per day lunch allowance. I hope there isn’t too much intrusion into intermediary tax planning laws because the large part of it does not need tampered with.”
Bluefin group proposition director Jon Everill says: “I think it would be good to see some tax cuts, tax incentives and leg ups for small businesses to aid the financial services sector. From a personal point of view any raise in petrol prices would be bad along with any other tax increases on day to day necessities.”
AWD head of communications Patrick Connelly says: “What I’m hoping for is a quiet Budget. We have had lots of changes to tax legislation, pension legislation and investment rules since the coalition Government came to power and they are on a steady road to making really good progress. I would expect them to announce a review of VCTs and Inheritance tax but nothing much apart from that.”