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New Budget date set for 8 July

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18th May 2015
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The Treasury confirmed on Saturday that Chancellor George Osborne will present the second Budget of 2015 on 8 July.

The move was signalled in comments within draft documentation for the Finance Bill (No 2) 2015 published last December, which indicated that a second finance bill was planned to implement measures that would not be ready in time for the 18 March Budget.

Foremost among these is the direct debt management, but look out for the return of some other anticipated changes, potentially including:

  • Annual investment allowance (AIA) - in his autumn statement, the Chancellor indicated that rather than going back down to £25,000 this would go up. But he didn’t say to what level, which should be confirmed on 8 July.
  • Strict liability - the profession is also awaiting clarification on plans for a new criminal offence for acocuntants and others who abet tax evasion.

As is customary, as part  of our continuing efforts with TaxCalc to track the development of new tax policy, AccountingWEB will monitor all the consultations and deliver comprehensive coverage and analysis ahead of the Budget and immediately afterwards. See our Finance Act page for the most recent developments.

Replies (11)

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By jamiea4f
18th May 2015 13:01

July Budget

If I were a gambling man... I'd have money on fuel duty increase.  George has led us along over the last couple of years with his freezing and now he's hoodwinked enough voters to give them another 5 years the door is ajar...

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By Jekyll and Hyde
18th May 2015 14:04

more private funding for NHS and
I am not with the majority I speak with however I really do suspect he will now close the low salary/rest dividend route for the masses. Why? I don't know I just have that feeling.

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By 0098087
18th May 2015 15:37

I reckon VAT up to 22% then they'll bring in the law to ban tax rises

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JCACE
By jcace
18th May 2015 16:43

New offence

I don't know about strict liability, but I reckon there should be a new offence of serious typos relating to the profession!

 

(Please feel free to remove this post once said typo has been corrected)

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By ShirleyM
18th May 2015 18:07

NHS cuts

I hope he has the decency to reverse the cuts he has made to the NHS (£3.5M cut from the NHS budget in our area), .... but if he does I am sure he will describe it as 'new extra funding'!

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By jvenegas16
18th May 2015 20:20

Once again

It has become normal for the Conservative party to have two budgets every time they win the elections. We had an emergency budget before and now another budget. That should not be allowed in the first place.

Promises: we will not increase tax! VAT will go up, and I agree, 22% is not far from reality. They will also attack tax credit and benefits. They will do nothing on corporation tax for small businesses, while large companies will pay the same rate of corporation tax. I wonder if national insurance will be affected in somehow, but not improvement on personal allowance, of course. And obviously more power for HMRC. 

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By Lship
19th May 2015 12:26

@Stepharhan I agree, but a key point after listening to Cameron appears to be that it will only apply to this government, not future ones.

Yes he could still repeal it, but that would need commons approval etc. and look extremely bad to the public, would be like the Tuition Fee/Lib Dem situation and potentially destroy the party.

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Stepurhan
By stepurhan
19th May 2015 12:49

Academic distinction

The Conservative party has control of the House of Commons so, subject to a major revolt, repealing is just an administrative technicality. Claiming that he would be prevented from making tax rises if he felt the need is pure hogwash on his part.

As for the party being destroyed if he did so, the Lib Dems suffered over a manifesto promise on tuition fees that they were literally unable to keep because they didn't have the parliamentary majority to force the issue. I doubt implementing and repealing a "no tax rise" law would be viewed as anything more than a broken manifesto promise to the majority of the electorate.

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By ShirleyM
19th May 2015 13:54

broken promises

"But with us, our borders will be under control and immigration will be at levels our country can manage. No ifs. No buts. That’s a promise we made to the British people, and it’s a promise we are keeping.”

Political promises are broken more often than they are kept, therefore nobody bats an eyelid when yet another promise is broken.

The broken promise detailed above didn't come back to haunt him, did it? Only an idiot would believe that particular promise had a cat in hells chance of being kept anyway, so maybe Cameron is an idiot for making that promise, but the only people he upset were the other idiots who believed him.

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Francois
By Francois Badenhorst
19th May 2015 14:56

So...

Do you guys think now pre-election nicey playtime is over that the Wizard of Oz is gonna have more room to maneuver with this budget? 

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By Brian Ogilvie
25th May 2015 16:27

Capital Allowances

John S:are you confusing your Autumn Statements ?! .... There was nothing I could see about this in AS 2014,the comment about not reducing to £25000 (but actual amount to be notified in AS 2015) was in the March Budget

Assuming then that AS2015 will be in early December,it gives a ridiculously short time to make arrangements for expenditure before the maximum level reduces on 1 January

The alternative is of course for advisers to make an educated guess at the likely new maximum coming in force which is no way to run a tax system ....

....unless George takes the point and accelerates the announcement to 8 July.Here's hoping

 

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