News
Tax cuts planned for those affected by flooding
Published: 27/07/2007
Chancellor Alistair Darling has proposed a series of tax breaks for businesses and individuals affected by this latest spate of flooding.
The government says that it will bring forward legislation set to be included in next year's Finance Bill which lets of HM Revenue and Customs (HMRC) commissioners to waive interest and surcharges on tax paid late because of flooding.
Tax officials will still want dues to be paid in full - but the government says that it will "understand" if payments are delayed.
"I want to ensure that people affected by the flooding do not have to worry about tax or their tax credit award at this difficult time," financial secretary to the Treasury and minister for HMRC, Jane Kennedy, said.
"Where individuals or businesses are affected by the flooding, I would ask them to get in touch with HMRC who will be able to offer practical help. I hope that, by offering this help now and the reassurance that HMRC will back-date their help, we can ease some of the anxiety that is affecting so many people and business."
Prime minister Gordon Brown has also announced a £14 million relief package for the victims of flooding - with local authorities to receive £10 million, £3 million to be spent on bridge and road repairs and £1 million contingency fund to be put in place to help families buy essential items.
The government says that it will bring forward legislation set to be included in next year's Finance Bill which lets of HM Revenue and Customs (HMRC) commissioners to waive interest and surcharges on tax paid late because of flooding.
Tax officials will still want dues to be paid in full - but the government says that it will "understand" if payments are delayed.
"I want to ensure that people affected by the flooding do not have to worry about tax or their tax credit award at this difficult time," financial secretary to the Treasury and minister for HMRC, Jane Kennedy, said.
"Where individuals or businesses are affected by the flooding, I would ask them to get in touch with HMRC who will be able to offer practical help. I hope that, by offering this help now and the reassurance that HMRC will back-date their help, we can ease some of the anxiety that is affecting so many people and business."
Prime minister Gordon Brown has also announced a £14 million relief package for the victims of flooding - with local authorities to receive £10 million, £3 million to be spent on bridge and road repairs and £1 million contingency fund to be put in place to help families buy essential items.