Chancellor to disclose second Budget 2015 in July

Chancellor, George Osborne will unveil his second Budget of the year following the Conservatives’ majority victory in the General Election on Wednesday 8th July.

According to Osborne, the Tories’ financial manifesto will focus on “working people”. The Chancellor stated he “didn’t want to wait” to turn his party’s election promises into a reality.

In Mr Osborne’s first all-Conservative Budget, he is seeking to balance the party’s manifesto pledges with the national deficit and incoming welfare cuts.

As pledged on the doorsteps of Downing Street, the Chancellor will continue “the balanced plan to deal with our debts”.

A new survey also suggests the business community is largely behind his plans to raise more than £5bn from targeting tax evasion and “aggressive” avoidance.

Almost nine-in-ten Institute of Directors’ members say they support the government’s plan to clamp down hard on tax avoidance.

However, the IoD members remain sceptical as to how much the measures will raise, with less than 15 per cent of members “confident” that the £5bn target is achievable.

The firms will also be less keen on plans to put a surcharge on company dividends for higher and additional rate taxpayers, which one expert reportedly views a prospect, particularly if Capital Gains Tax (CGT) is left alone.

This plan has been floated to the Financial Times by Andrew Collins of Charles Russell Speechlys, suggesting the surcharge on company dividends would hit those on effective tax rates of 32.5 and 37.5 per cent respectively, who take advantage of PSCs.

The IoD survey coincides with a report from Enterprise Nation which outlines 23 issues small business owners and self-employed professionals want addressing by the new government, including late payment, funding, hiring young talent and business support schemes.



Image: HM Treasury

Date published 18 May 2015 | Last updated 18 May 2015