ARTICLE · 23 MARCH 2011

Budget Predictions: Top Tips

Smith & Williamson

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Changes in the taxation of Principal Private Residences and a potential merger of National Insurance with PAYE could be mooted in the upcoming March Budget.

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Richard Mannion

Changes in the taxation of Principal Private Residences and a potential merger of National Insurance with PAYE could be mooted in the upcoming March Budget.

"We are likely to see a flurry of consultations announced on Budget day covering a raft of topics which could lead to root and branch change in the taxation of this country. The Budget will set the ball rolling and the pace could be fast and far-reaching," said Richard Mannion, national tax director at Smith & Williamson the accountancy and financial services group.

He continued: "The Office of Tax Simplification (OTS) has been reviewing the tax system and has now published its detailed report ahead of the Budget. Specifically, it has looked at 155 tax reliefs and recommended that some of these should be scrapped, including Millennium gift aid, luncheon vouchers, miners' free coal and the exemption for interest on National Savings Bank Ordinary Accounts (which no longer exist)."

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