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CIOT welcomes budget

The Budget, unveiled by the chancellor of the exchequer in parliament yesterday, has been broadly welcomed by the Chartered Institute of Taxation (CIOT).

In particular, Alistair Darling's announcement that several proposed tax reforms will be put out for consultation rather than immediately implemented came in for praise from the institute.

Changes to corporation tax, disguised interest and so-called 'green taxes' will all now be given further consideration before being imposed.

The government's previously announced 2p increase to fuel duty has also been put off until the autumn, having originally been scheduled for next month.

John Cullinane, chairman of the corporate tax sub-committee for the CIOT, commented: "I'm struck by how many provisions there are [from the government] - where they're either referring to things for consultation or announcing things that will happen significantly in advance and basically giving everyone time to understand and adapt."

He added: "I think that's all very positive; we'll see whether they keep it up, but so far so good."

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