A chocolate box of measures, with a little something for all: EY Budget comment
19 March 2014
Chris Sanger, EY’s head of tax policy commented: “In a Budget with 34 tax measures, the Chancellor sought to use what little wriggle room he had to please as many people as possible. Buoyed by almost £7 billion from the Public Sector Pensions revaluation and extending the Autumn Statement savings, the Chancellor spent the cash on a range of measures for employees, pensioners, businesses and bingo players. Rather than placing any “big bets”, the Chancellor doubled incentives for investment, freed up funds stuck in pension funds, limited the impact of the carbon price floor and halved the rate of tax on bingo.
“However, beyond the measures of today, the documents list 54 measures from previous announcements that will impact the future tax receipts. Whilst today’s delicacies may well be appealing, taxpayers need to remember that some of the chocolates in the box have been on the shelf for a while and may now have a bitter taste.”
For more information on the 2014 Budget, visit the EY 2014 Budget page.