Derek Hanlan, deputy tax director at Glasgow-based accounting firm Martin Aitken & Co, said clients had been apprehensive about the forthcoming statement but hoped the Chancellor would bring some “stability”.
“Given the current financial climate, our clients are approaching this budget with caution,” said Mr. Hanlan: “With the upcoming increase in corporate tax rates in April and the reduction in the annual exemption from capital gains tax, as well as the increase in Scottish income tax rates and the additional tax threshold, the Fears that entrepreneurs and owners could be targeted again with further tax increases.
“We hope that the Chancellor will opt for stability with minimal tax implications.”
The content of Mr Hunt’s statement will be scrutinized by a panel of economic experts at a budget briefing to be hosted by The Herald on the morning of March 16 at its offices at 194 Bath Street, Glasgow.
The briefing, moderated by political commentator and columnist for The Herald Brian Taylor, is presented in collaboration with Wright, Johnston & Mackenzie, The Business Insurance Bureau, The Wise Group and Martin Aitken & Co.
Grant Johnston, partner and head of wealth planning at Wright, Johnston & Mackenzie said:
“There will likely be many lively discussions. I think some of the key issues for the Chancellor to address are the ongoing issues surrounding labor and skills shortages, boosting the UK’s reputation as a safe place to invest and prioritizing net zero projects.”
Bob Hannah, Commander-in-Chief of the Business Insurance Bureau, said: “Given all the circumstances, the country is still suffering from psychological long Covid and changing that means doing extraordinary things to make things happen. The reduction in the tax and regulatory framework should definitely be pushed upwards if necessary.”
A limited number of tickets are still available and can be purchased at https://newsquestscotlandevents.com/events/budget-briefing-breakfast.
https://www.heraldscotland.com/business_hq/23373019.experts-stand-ready-examine-budget-briefing-hosted-herald/?ref=rss Experts are on hand to review the budget at a briefing hosted by The Herald