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Written question asked by Julian Knight (Independent (affiliation)) on Friday, 14 April 2023, in the House of Commons. It was due for an answer on Tuesday, 18 April 2023. It was answered by Victoria Atkins (Conservative) on Monday, 24 April 2023 on behalf of the Treasury.

Business: Taxation

Question

To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact on the economy of reductions in business tax.

Answer

Assessments of the impact of the Budget are the responsibility of the independent Office for Budget Responsibility (OBR). Further details can be found in the OBR’s latest Economic and Fiscal Outlook published in March 2023: https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/

HMRC publishes Tax Information and Impact Notes (TIINs) alongside tax legislation that present impact assessments of tax changes. TIINs give a clear explanation of the policy objective together with details of the tax impact on the economy. Economic impact assessments in TIINs are consistent with OBR forecasts: Tax information and impact notes - GOV.UK (www.gov.uk)

Secondary information

Type
Written question
Reference
179940
Session
2022-23
Subjects
Business Taxation
Link
View this Written question on www.parliament.uk