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Treasury Minister comments on UK Budget 12 March 2008

Treasury Minister Allan Bell MHK today commented on the UK Chancellor's Budget Statement, stating:

“I am pleased to see that the UK Chancellor has listened to the calls to alter the method of determining tax residence for visitors to the United Kingdom, which would have had an adverse affect on Island residents. By accepting that those in transit through the UK, or those on day trips, should not be counted as UK Tax Residents, he has acknowledged our concerns over the impact of the earlier proposals.”

The Minister reviewed the Duty changes that will come into force.

“The Chancellor has increased substantially the duty on Beer, Wine and Spirits, has added an inflationary increase (11p) to a packet of Cigarettes, and has deferred a 2p a litre increase in Fuel Duty, to come in from October 2008. Beer will go up 4p a pint, wine will go up 14p a bottle, and a bottle of spirits will go up by 55p from Sunday. Overall, Income will be broadly in line with my projections for 2008-9 announced last month, although the duty increases will add around 0.4% to the Retail Price Index.

Mr Bell concluded

“We will now study the detail which accompanies the Chancellor’s statement. There are announcements in respect of double taxation treaties, UK non-domiciles, and Aviation Duty all of which could have a significant impact on particular sectors of the local economy. We will be in discussions with relevant business leaders to assess these impacts more fully, once more details become known.”

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