UK budget: not needed

Article Abstract:

The UK budget is not likely to increase taxes enough to stop a rise in interest rates, according to Salmon Brothers. Consumer demand is unlikely to be curbed enough by tax increases so interest rates will rise to some 6.75%. Tax increases may not be needed to prevent a budget deficit since unemployment is dropping faster than expected and tax revenue is rising more rapidly. Tax increases could cut government borrowing enough for cuts in taxes prior to an election in 2001 or 2002.

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Budget snapshot

Article Abstract:

The United Kingdom Mar 1999 Budget has brought a number of changes to personal and business taxation, such as a new 10% tax rate for the initial 1,500 pounds sterling of earnings that are taxable. This replaces a 20% rate, and the next rate of 23% will be levied from 1,501 pounds rather than 4,301 pounds. The married couple's allowance and mortgage interest relief are to be abolished. Changes affecting business include a drop in corporation tax of 1% to 30%.

Cover Story

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Plus some other clever conjuring to consider

Article Abstract:

Changes that could be introduced in the United Kingdom Mar 1998 Budget include alterations to reinvestment relief. This may be changed as a way of controlling tax advoidance, according to Coopers and Lybrand, Ernst and Young and other tax experts. There could also be changes to inheritance tax, but they may be postponed until 1999, since otherwise the Budget could become too large and the Finance Bill may not easily fit into the schedule of parliament.

Public Finance Activities, Tax Administration, Tax administration and procedure

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