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Lowdown
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9am Lowdown: Election, HMRC digital directors & Trump

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25th Apr 2017
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Good morning – it’s Richard here again to walk you through the latest news hitting the accounting world.  

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Election Lowdown: Personal allowance increase and Brexit

The Conservative party has hinted its manifesto will include an increase in the personal allowance.

According to the Telegraph, Sir Michael Fallon, the defence secretary, said the party will use its manifesto to attract lower paid workers by taking them “out of tax” entirely. Fallon also revealed that the Conservatives will end David Cameron’s tax-lock pledge. “The manifesto will certainly make clear which side of this argument we’re on,” said Fallon, “it’s Labour governments that increase tax, it’s Conservative governments that take the lower paid, in particular, out of tax.”

In other election news: Labour will offer a soft Brexit alternative to the one outline by Theresa May if they win power.

As the BBC reports, Labour’s Brexit plans includes a guarantee on legal status for EU nationals living in the UK, and to replace the government’s proposed Great Repeal Bill. Labour’ shadow Brexit secretary Keir Starmer said his party wants to build a relationship with the EU where the country is treated “not as members, but as partners”.  

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HMRC to hire three digital directors

HMRC wants to hire three deputy IT directors to shape its “massive digital revolution”.

The Revenue is looking for a deputy IT director for cloud, who will lead the department’s IT infrastructure; a deputy IT director for IT delivery to lead key IT projects; and a deputy director that focuses on collaboration.

Computing.co.uk lists the job vacancies as all offering up to (and over for the second vacancy) £100,000. These three positions are being advertised in addition to the chief information and digital officer role, which Mark Dearnley left at the end of last year.  

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Trump expected to lower corporation tax

Across the pond, the Trump administration has proposed a reduction in corporation tax to 15% from the current 35%.

According to the FT (subscription is required to read article), President Trump’s tax cutting plans follow his campaign goals of more than halving corporation tax. The administration is expected to announce its tax plans on Wednesday after considering a range of options

While a White House spokeswoman declined to comment on the expected tax announcement, the adminstration’s Budget director, Mick Mulvaney, confirmed to Fox News over the weekend that Wednesday’s announcement would outline the White House’s principles on tax.

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