UK waives US$260 million in back taxes on port businesses

THE controversial British budget contained good news for port users, waiving GBP175 million (US$260 million) in back taxes on port-related businesses in the UK.

The Conservative-Liberal coalition government announced that it would soon introduce legislation to rid the industry of the tax which some say poisoned relations between the shipping sector and former Labour government.

"The dark tax cloud that has been hanging over some port businesses, the backbone of Britain's export industry, for too long has finally been lifted, said Local Government Minister Bob Neill, according to Lloyd's List. "The decision to waive the unexpected rates bills is a victory for common sense."

Said the Forum of Private Businesses: "We believe measures to extend the Enterprise Finance Guarantee scheme, abolish back-dated business rates and continue tax breaks for holiday lettings further demonstrate the new government's appreciation of small business-related issues."
(Source:www.schednet.com)