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Tories Pledge Tax Breaks For UK Business

Tuesday, March 2, 2010

Shadow Chancellor George Osborne has promised that a Conservative government would take early action to reduce aspects of UK business taxation.

Speaking at the Conservative Party's spring conference in Brighton, Osborne confirmed that previously announced plans to cut the rate of UK corporation tax by 3% to 25% would be announced within the first 50 days of a Tory government - assuming the Conservatives manage to oust the ruling Labour Party at the forthcoming general election, expected in May.

In addition, Osborne promised that the Conservatives would reduce the tax burden on small companies and attempt to simplify the business tax system by abolishing some tax reliefs.

"Our first budget will contain funded measures to boost enterprise and create jobs," Osborne told party delegates. "We will cut the corporation tax rate paid for by removing complex reliefs and attract international headquarters to Britain. We will reduce the small companies tax rate by simplifying the tax code and make it far easier to get a business started."

Osborne announced at the party's main conference in Manchester last October that any new business started in the first two years of a Conservative government will pay no employer National Insurance (currently 11% up to the upper earnings threshold of GBP844 per week) on the first ten employees it hires during its first year.

According to Osborne, the tax break will encourage new entrepreneurs and would generate around 60,000 additional jobs over two years. He also assured that anti-avoidance rules designed to ensure that newly created jobs are genuine would be "clear and simple."

Osborne also told the Brighton conference that a Conservative government would "stop handing out tax credits to people earning more than GBP50,000 (USD75,000)," and, somewhat controversially, would introduce a new bank tax "to stop ordinary taxpayers underwriting the risks taken by super rich bankers."

While Osborne doubtless claims that his tax cuts are revenue neutral, given the dire state of the UK's public finances it is unclear when the proposals could actually be implemented.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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