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News - 14 April 2014

Fuel duty tax recovered by economic boost.

A report by the Treasury, says that halting the tax rises in fuel duty will boost the economy by up to £7.5bn over 20 years.

And it says this extra activity will mean the government recovers about half of the initial lost revenue. Mr Osborne, The Chancellor, has said this approach could be a "quiet revolution" in tax debate. He has already published a study suggesting corporation tax cuts would benefit the economy.

The Treasury used a method called "dynamic modelling" to calculate the wider economic effects of keeping fuel duty down. Its conclusion was that the policy would increase gross domestic product by up to 0.5% - about £7.5bn in today's prices.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The government scrapped the fuel duty escalator, cut fuel tax by 1p in 2011 and froze it on four other occasions. It said these moves meant the tax - currently 58p - was 20% lower than it would otherwise have been.”

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

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