United Kingdom

Details

  • Service: Tax, Budget 2013
  • Type: Press release
  • Date: 20/03/2013

Budget 2013: More reasons to cheer for automotive industry, says KPMG 

John Leech, UK Head of Automotive at KPMG comments: “Despite little room for manoeuvre, the Chancellor has delivered a number of important stimuli that will be welcomed by automotive manufacturers.  By reducing corporation tax to 20% from 2015 the UK will have the most competitive tax regime amongst the automotive producing nations in Western Europe. The Chancellor also announced an increase in the rate in the above-the-line tax credit to 10%, a measure that will reward and encourage investment in R&D.  New tax incentives for manufacturers of ultra-low carbon vehicles will hopefully help to cement this area of strength within the UK’s automotive industry.”

 

“Underlining his commitment to manufacturing as a key driver of growth, the Chancellor is injecting £500 million into key sectors such as automotive as part of the Government’s Industrial Strategy.  The automotive sector is now at the forefront of the Government’s emerging industrial policy, most notably through the successful establishment of the Automotive Council, which has brought Government and the industry together to better promote the UK industry.  It is this more collaborative, hands-on style of Government which has informed today’s policy announcements and is especially valued by the industry.”
 

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About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

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Katrin Boettger

Katrin Boettger

Senior PR Manager - Sectors

KPMG in the UK

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