View more on these topics

Expect heavier enforcement of existing taxes in Budget, says Baker Tilly

Stronger enforcement of existing taxes and anti-avoidance measures are likely to be a central focus in the forthcoming Budget, according to tax specialist Baker Tilly.

Speaking this morning at a pre-Budget briefing, Baker Tilly head of tax George Bull said Chancellor Alistair Darling had little room to make further tax cuts to stimulate the economy and was more likely to take a tougher stance on existing legislation.

He said: “What is going on with vigour is the creation of much tougher rules, much tougher enforcement, a new penalty regime and new powers and I think we’ll see all of those used to enforce the existing taxes with much greater effect.”

Bull said Darling would struggle to raise more revenue immediately and therefore the tax authorities would through established or new legislation take more powers, more frequently to combat specific tax avoidance ideas.

He also warned that the increasingly sophisticated business landscape had created a complex tax system which was problematic for private clients and corporates.

He said: “Every week tax experts uncover a new point that they don’t fully understand. The real problem with a complex tax system is that neither individuals nor businesses can have great certainty about how tax will affect them and without certainty the business decisions are compromised.”


Advisers get video to back Omo message

Living Time has sent personalised video messages to the top 200 adviser firms calling for them to back its Offer More Options campaign.

Gilt issues

I spent last week gazing out over the North Sea, counting the ships in and out of Felixstowe Docks. That there are fewer of them is clear. World trade has been strangled by the double whammy of poorer consumers in the West and a lack of credit to finance inventories. It appears to be rapid de-stocking that has caused the very sharp downturn in global economic activity.

Royal London posts £762m loss

Royal London has reported EEV losses after tax of £762m for 2008, compared to a profit of £173m in 2007, citing stockmarket turmoil.


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm