10p tax rate can be resurrected, says ACCA
The Government can reinstate the 10p lower rate of income tax, says ACCA (the Association of Chartered Certified Accountants) today in response to continued disquiet about this tax policy decision.
Chas Roy Chowdhury, head of taxation at ACCA, believes that a U-turn is possible: “The Chancellor can change his mind about this issue if he chooses to because reinstatement would not actually be an Exchequer expense.
“The Government’s current decision has a knock-on effect for personal taxes, tax credits and benefits to the tune of £4.6bn for the next three years, according to calculations from the CBI last year in response to 2007’s Budget.”
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Notes to Editors
1. ACCA is the largest and fastest-growing global professional accountancy body and has 325,606 students and 122,426 members in 170 countries.
2. ACCA experts are available for media comment on all aspects of UK and international accounting, auditing, tax, small business, environmental reporting, corporate governance, business law and public sector finance.
For further information please contact:
Helen Thompson, ACCA Newsroom phone: +44 (0)20 7059 5759 / + 44 (0)7725 498 654 e mail: helen.thompson@accaglobal.com