The year 2010 is more than usually complicated from the tax point of view because of the change of Government and the introduction of an Emergency Budget.
The March Budget introduced a number of measures intended to continue the policy of stimulating the economy by keeping public spending substantially above public revenue. The new Government takes the view that this policy is unsustainable and that the tax burden must rise in addition to expenditure being cut. The June Emergency Budget addresses the taxation side of this equation, although the Tax Credit proposals can be seen as part of the plans to reduce expenditure.
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Read our summary of the Chancellor’s Emergency Budget 2010 here.
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