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April 19, 2002
UK BUDGET 2002 |
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On
17 April 2002 the Chancellor of the Exchequer
presented to the House of Commons the 2002
Budget statement. His colleague, the Paymaster
General said that the UK Government is pressing
ahead with an agenda that is
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pro-enterprise |
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pro-competition |
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pro-business |
the objective being to produce a productive,
dynamic and enterprising economy. It is very
difficult to see what the potential difference
between a supposed left wing Government (Labour)
and a right wing pro-business Government (Conservative)
would be.
Many of the proposals are most certainly encouragements
for business being conducted in the UK. The
significant shareholding exemption provisions
are arguably better than the Dutch participation
exemption rules. As there are no withholding
taxes for dividends paid out of the UK and
currently no change to the foreign domiciliary
benefits, the UK remains a very attractive
place in which to do business. If the structure
is correct then the effective rate of CGT
on individuals is only 10% after a very short
two year holding period of the "right
type" of assets! And we are not talking
of being in a small tax haven either!!
As you will see from our notes, there is probably
a way around the "substitute" tax
called National Insurance contributions!!
And so to the details. Our report is set out
as follows:-
For more detailed information, please contact:
JEFFREY CRAWFORD & CO
25 Castle Terrace
Edinburgh
EH1 2ER
Tel: +44 131 228 6606
Fax: +44 131 228 4911
E-mail: info@jeffreycrawford.co.uk
Web: www.jeffreycrawford.co.uk
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