UK Chancellor's Budget 2010

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UK Chancellor's Budget 2010

Listen to Anneli Collins, Head of UK Tax Policy, provide an initial reaction to the 2010 Budget

 

Budget 2010: Master the elements with KPMG

KPMG's Budget commentary & analysis is now available for you to download.  Click here to listen to KPMG's online Budget briefing to find out the key measures coming out of the Budget and how they may impact you.

Commenting on what the Budget holds for businesses and individuals, Sue Bonney, Head of Tax at KPMG Europe LLP, said:

"There was no surprise that, despite the need for the Government to reduce its borrowing, the Chancellor did not announce any dramatic tax hikes in his final Budget before the general election, nor did he announce any radical programme of large scale transformation for the public sector. As a whole, the Budget was one of confirmation, and brought little in the way of surprises.

In our view, there has been a missed opportunity with respect to taxation of the corporate sector. This is disappointing given the Chancellor's recognition that repaying the nation's debt will be largely dependent on the growth of the economy, in which business will play a key part. At a time when there have been a number of warnings about the UK lagging behind in terms of its tax competitiveness, and when businesses have been voicing concerns about the complexity of our tax system, it is a shame that some of the key issues such as rate reduction and simplification seem to have been pushed into the long grass for now."  Click here to read more.

For detailed information on the Budget, please view our Budget commentary and analysis, or for personal tax advice please get in touch with your usual KPMG contact.

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The Budget proposals and other tax changes are summarised on these pages. The Budget proposals may, however, be amended significantly before enactment. The content of this communication is intended to provide a general guide to the subject matter and should not be regarded as a basis for ascertaining liability to tax or determining investment strategy in specific circumstances. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.