Recently the results of several surveys have been published, showing Scottish consumer groups and business owners are apprehensive about the proposed changes expected to be announced in the June 22nd UK emergency budget. Specifically, increases to Value Added Tax (VAT) and Capital Gains Tax (CGT) have been target by researchers as having the biggest negative effects on Scottish consumers and business-owners. On June 14th the Scottish Chambers of Commerce (SCC) released a report with the results of a survey carried out on ... Read More

The UK Government is being urged to reconsider its current budget and tax plans, and opt to deliver greater spending cuts while reducing the impact of tax hikes. On June 11th the Confederation of British Industry (CBI), the UK’s largest business group, sent an open letter to the George Osborne, Chancellor of the Exchequer, urging a reevaluation of the Government’s intentions for the upcoming budget announcement. The CBI stated that the nation’s budget deficit should be controlled through spending cuts and not raised ... Read More

New research indicates that the US will soon have the highest tax burden on corporate profits in the OECD, potentially leading to a decrease in the overall productive capacity of the US economy. On June 7th the independent US think-tank Tax Foundation released The Economic Effects of the Lower Tax Rate on Dividends, a special report which analyzes the double-level of taxation on corporate profits in the US. According to the report, equity-financed investment profits in the US are taxed under corporate income ... Read More

The recently proposed rate change to Capital Gains Tax (CGT) in the UK is coming under doubt as economists, finance industry figures and numerous politicians are beginning to voice their concerns for the raised levy. Following the UK’s May 6th General Election, a coalition was formed between the Conservative Party and Liberal Democrats. The new coalition soon announced several proposed changes to the country’s tax system, including a controversial increase in the CGT rate. If the planned changes are enacted, CGT in the ... Read More

Details are emerging about the possible upcoming changes to UK tax system, following the creation of a new coalition Government between the Conservative Party and the Liberal Democrats. Despite both parties varying pre-election promises, a concise picture is beginning to emerge about possible alterations to taxes in the near future. Following the UK’s May 6th General Election the Conservative Party and Liberal Democrats formed a coalition. The two parties are now attempting to consolidate their differing economic and taxation policies. Currently, the discussion ... Read More