“You can put THAT in your diary,” roared Chancellor George Osbourne as he announced the 2011 Budget would be held on 23 March.
It will hold particular significance for contractors as it will reflect on the findings of the independent review into ‘disguised employee’ legislation IR35.
It really could be D-Day for the legislation which was brought into stop the problem of people contracting via a limited company merely to take advantage of the tax benefits – whilst in spirit remaining an employee. However, it has been a largely ineffective and unnecessarily problematic piece of legislation.
The fact the Budget has been announced at such an early date is in stark contrast to Alistair Darling’s final showpiece which was given with just two weeks notice. Chancellor Osbourne has also departed from his predecessor by scrapping the pre-Budget report.
Will Osbourne be able to slam down the big red box in a show of strength or merely raise it as a shield behind which to cower?