Budget 2013: Make Britain an easier place to do business
As part of a series of blogs previewing Budget 2013, Moore and Smalley tax partner David Bennett outlines his expectations.
The chancellor has not left himself much room for manoeuvre. There are unlikely to be any significant boosts in capital spending, or tax giveaways, although many will press for both of these as a way to get the economy moving.
The chancellor will no doubt make great play about clamping down on tax avoidance as a way of generating extra tax revenue. In reality, this is easier said than done, but we are likely to see more and more targeted campaigns by HMRC, such as the recent targeting of owners of buy-to-let property.
Every Budget sees another raft of complicated changes to tax legislation, few of which make any real difference to the wider economy.
It would be a blessing to business owners if the chancellor resisted the urge to tinker, and strove for a stable and consistent tax code. It would make Britain an easier place in which to do business, and that should be Mr Osborne’s number one objective.