BUDGET: Truro tax expert - Budget "re-arranges the deckchairs"
The budget amounts to a re-arrangement of the "Titanic deckchairs" according to a tax expert from Truro.
James Bailey, tax partner at Robinson Reed Layton sid the budget was: "An interesting mixture – some strong incentives for business, some equally strong anti-avoidance legislation.
"The key phrase in the Chancellor's speech was that this Budget is "fiscally neutral" – in other words it doesn't increase or decrease the government's net tax take, but the Titanic deckchairs have been rearranged in a more pleasing pattern."
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Mr Bailey appreciated the drop in beer duty but highlighted the real-terms difference this would make.
He said: "We were encouraged to cheer at the reduction of 1p in the duty on beer, though in practice I shall be surprised if many pubs will heed the Chancellor's demand to pass it on to their customers – and besides, for those who adhere to the NHS guidelines on units per week, the average weekly saving would be only 7p.
"As always, many of the measures announced will not take effect for a couple of years or more.
"Still, we can all look forward to the public execution of the Editor of the London Evening Standard for leaking the Budget details before the Chancellor began his speech."