In a week that saw outbursts at the idea of Shariah law operating in parallel to English law, it was ironic to see similar outbursts at the draft legislation (promised in the pre-budget report) to change the parallel laws already governing the taxation of people resident in the UK but with non-UK domicile or country of origin (so-called ‘non-doms’).
read more Commentary by Stuart FowlerBritain’s small business champions (and tax advisers) are indignant at the Chancellor’s failure to consult (a novel concept, that one) on changes to the taxation of gains on business assets. They are predicting that entrepreneurs will not back or start new businesses, or go and do it somewhere else, and that investors will keep their hands in their pockets. If a Government offers to share an investor’s risks, some will take risks they would not otherwise.
read more Commentary by Stuart FowlerLast week’s pre-budget report introduced one of the most radical reforms to capital taxes for 20 years. It showed courage in dealing with what may have become excessively generous tax concessions to wealthy foreigners with UK businesses and employment. But what did the public see? A tail-end Charlie of a government, bereft of its own ideas and rushing out initiatives stolen just days earlier from the Conservative Party conference. Labourites, old or new, must be wondering whether substance without spin is really such a good thing.
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