He may not have mentioned it in his Budget speech which was more aboutÂ giving pensioners the rightÂ toÂ blow their hard saved cash rather than have pension companies grab it, but the budget thatÂ the UK Chancellor of the Exchequer, the Rt Hon George (nee Gideon) Osborne MP,Â presented in March,Â had a few hiddenÂ items inside theÂ BudgetÂ small print: some nasty but some nice.Â
One of the nastyÂ ones gave the taxman the right to raidÂ anyone’sÂ bank account for any unpaid tax allegedlyÂ owed to Her Majesty’s Revenue and Customs, even before a relevant court ruling/adjudication has been made. LegalÂ and financial experts haveÂ criticisedÂ this measureÂ as being unbalanced and unfair.Â Â One of the nicer hidden gems however,Â was for the space and insurance industries.Â Â The BudgetÂ has indicated that secondary legislation will remove Insurance Premium TaxÂ from having to beÂ paidÂ fromÂ most satellite and launchÂ risks in theÂ Space Insurance class.
Space Underwriters based in and around Lloyds of London are set to benefit from an Insurance Premium Tax exemption. walklondon.com
The Chancellor of the Exchequer, who has seen his stock rise with the improvement in the UK’s economic prospects,Â ...