Budget effects on the economy, tax and the public sector

Monday, June 28, 2010 | Posted by: Fiona Cullinan
Categories: Economy, Tax | Tags: media, property, capital gains tax, technology, CGT, VAT, reaction, George Osborne, Budget, public sector, construction, IR35, local government, capital investment, bank levy, Budget2010

Pain today, profit tomorrow? That seemed to be the overall aim of George Osborne’s first Budget. But find out what Grant Thornton’s experts really thought as we round up the partners’ responses on Budget changes and how they affect the construction, technology, property, media and other sectors…

You can also find out more on our Budget 2010 pages and download our Emergency Budget Headlines PDF.

TAX MATTERS
* Capital gains tax (CGT)
* VAT and indirect taxes
* Is the UK a good place to be?
* Personal tax and pensions
* Business
* Financial services

WHAT WE THINK
* Grant Thornton’s chief economist responds
* UK construction companies hit hard
* Swings and roundabouts for the media sector
* Chancellor’s bank levy to coincide with French and German measures
* Osborne’s attempt to lure corporates needs to go further
* Distressed property market escapes expected hit in budget announcement 
* Capital gains tax packs an immediate punch for high and middle income earners
* Blow to technology sector investment
* Anti-avoidance measures back in the spotlight to help plug the deficit
* Business as usual for the government as UK companies are hit by the ‘tax on jobs’ after all 
* Small businesses to benefit as IR35 abolishment is on the cards 
* Commitment to capital investment
* Local government feels Budget pinch
* Tough times ahead for the public sector

Do you have any questions regarding changes in the Budget or how it affects you or your company? Send them to budgetquestions@gtuk.com.