Tax First July 2010
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July 2010
In this July issue, we provide an overview of the Chancellor’s emergency Budget and outline the measures which will be of most interest to UK businesses. For the latest reaction and commentary on what the emergency Budget contained and how it could affect your business, you can also visit our Tax News & Research service while our webcast and other materials produced on the day are on our dedicated Budget website.
Also in this edition, we take a closer look at the proposed bank levy as well as the mooted anti-avoidance measures around derecognition of loans or derivatives for accounting purposes. Further Budget changes focus on the amendments announced to the debt cap regime as well as measures on capital distributions and the possible general anti-avoidance rule (GAAR).
The rise in the VAT rate to 20% from 4 January 2011 was one of the main changes to taxation announced by the Chancellor and we examine the implications of this rise. We also update you on Solvency II, one of the largest ever changes to European insurance solvency regulations.
