EY: Gin & Tonic drinkers miss out!
20 March 2013
Chris Sanger, global head of tax policy at EY:
“Today’s Budget continued the shift in who pays tax in the UK. With the reduction in corporate tax rate and the increased incentive for Research & Development, the proportion of tax raised in corporation tax has dropped from 7.8% of total Government receipts in 2010/11 to 6.4% in 2013/14. VAT and Excise Duties have picked up the slack rising from 22.9% to 24.5%.
“Ultimately all taxes are paid by people, but the changes in the relative tax mix suggests that the UK is moving towards a less distortive tax system with a lower burden of direct taxation.”