Whether you think it was a sick joke, or a welcome display of honesty, the note left by Liam Byrne to David Laws did follow a kind of precedent.
His note read ” Dear Chief Secretary, I’m afraid there is no money. Good luck ” .
A previous Labour Chancellor leaving office passed the keys over to his Conservative successor with the immortal words, ” over to you old cock, sorry to leave things in such a mess “
We will have an emergency budget on June 22 in which the new Chancellor will announce a range of new tax changes.
These will help those on low incomes but we can expect middle and higher earners to be hit.
Top of the agenda is likely to be a hike in VAT to 20 % to bring it into line with our partners in Europe.
There will also be big changes to Capital Gains tax designed to hit those with second homes and large share portfolios.
My sources tell me, however, that we can expect generous relief’s for genuine business assets.
I expect this to go well beyond the current Entrepreneur Relief, perhaps bringing back the old taper relief definition of business assets.
There is a tussle going on between the two parts of the coalition as to whether the CGT annual exemption should be reduced.
It is possible that these CGT changes could take place from Budget day, but April 6 next year is more likely.
Brace yourself and hang on to your wallet as the Coalition lets loose in trying to reduce the UK debt burden. It is going to be painful.
Author: Chris Slay
Skills Provision will allow our articles/quotes to be reproduced on other formats as long as full accreditation is given.
Before you fill out our registration form, we feel it necessary to pass on some important information.
After completing our registration process your details are checked over by our Validation Team. Their task is to upload suitable submissions or delete.
Registrations that pass validation automatically produce an online CV Profile. Due to the popularity of our website profiles are widely seen by prospective employers. On a daily basis we receive many Profile enquiries.
By following our guidelines your profile will pass our validation process.
Key points to note
Your aim should be to produce a fantastic online CV Profile.
Our task is to find you meaningful employment.