Budget 2007: Net zero budget leaves institutes cold. By Rob Lewis
The only real beneficiary of the latest budget is the Labour party, says the ICAEW. Rob Lewis reports.
The reforms may appear drastic, but their effects will be far smaller than purported, said Frank Haskew, Head of the ICAEW tax faculty. “There’s a lot of headline grabbing stuff, but when you look at the numbers, it’s a merry-go-round,” he added.
“He’s dropped 2% on corporation tax, but he’s reducing the allowance for plant and machinery, this nets out with a positive figure. It’s actually a revenue raiser.