Summer Budget 2015 announced
Global Tax Update:13 July 2015/United Kingdom
On 8 July 2015, the Chancellor of the Exchequer, George Osborne, gave his first Budget of the new Conservative government. The economic security of the UK was at the heart of this Budget with a continuing focus on the elimination of the deficit by 2018/19. (Global Tax Update:13 July 2015/United Kingdom)
On 8 July 2015, the Chancellor of the Exchequer, George Osborne, gave his first Budget of the new Conservative government. This summary focuses on those measures announced that are likely most relevant to Japanese owned multinational groups. Please visit Deloitte’s dedicated website at www.ukbudget.com for more detailed coverage and comment on the Budget.
(1) Business tax
(4) Personal tax
As widely expected, the Chancellor also used this Budget as an opportunity to spell out how this government intends to achieve tax increases of £5bn and savings of £12bn in welfare payments that he had previously indicated would be necessary to eradicate the deficit within the target timeframe. Public spending cuts will be highlighted in the 2015 autumn Spending Review.
Deloitte Tohmatsu Tax Co. provides Japanese companies are considering developing business overseas with one-stop international tax services in relation to foreign investment to support their globally appropriate, optimal tax risk/cost management that is aligned with their business operations through Deloitte’s global network.