Wednesday 21 March 2012
Commenting on the announcements made by the Chancellor in his Budget today, David Bywater, Tax Partner said:
“In what was a broadly supportive Budget for the SME community in the UK, there could be a grey area around anti-avoidance measures, if care isn’t taken to minimise any uncertainty this rule may create for SMEs.
“The Government is right to ensure that everyone in the UK pays the tax they are meant to pay, however, unless the legislation is structured correctly, there is a danger that SMEs get caught up in rules perhaps aimed more at the large corporates from avoiding paying the correct amount of tax.
“Many SMEs will want to see the finer details of what these new rules encompass and will probably have some concern that they could be caught up in the new rules.
“A pre-clearance system would certainly help, as would a carve out for transactions below a certain threshold.”
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