Accountants Stanmore, Middlesex HA7

Coalition government's taxation policy seems to be set on increase personal income tax allowance to £10,000. Capital gains tax rates to rise to a level "similar or close to those applied to income". Review of taxation of non-domiciled.

Sunset clauses on regulation

New coalition government had promised to find a tangible and practical way to make small business rate relief automatic. Tax collection will be reformed in order to simplify allowances and tax reliefs, that in itself will create more competitive corporate taxation environment in whole of G20 countries. As well, it had been proposed to replace Regional Development Agencies with Local Enterprise Partnerships. This new approach is going to reinvigorate UK tourism industry that had been suffering setbacks during the years of Labor government.

Good news that new policy finds coalition government united, as both Lib Dem and Conservatives are backing the reform.

Local government taxation front

The news that received most media attention was a plan to freeze council tax in England for a minimum of one year. Further to that, there is a whole raft of new measures: mayors in 12 largest English cities are to be directly elected, councils will be empowered to stop "garden grabbing" and neighborhoods will be given more power over planning. New powers given to courts will enable them to insist that home repossession is always a last resort.

On the front of the announced review of the stamp duty threshold, it must be said that this is retreat from the Conservative pledge to completely abolish stamp duty for 90% of the first-time buyers.

Taxation

It seems that both parties are prepared to increase personal income tax allowance to £10,000. Capital gains tax, as well, is going to receive an overhaul and is going to be bought closer to the levels that are applied to the income tax. A more stringent review of the non-domiciled will follow.